Sunday 8 December 2019

Rupert Murdoch makes $80bn offer for Time Warner

Deal would create a media giant and bring together Twentieth Century Fox and Warner Brothers movie studios and US television channels Fox, HBO, and TMT

Rupert Murdoch
Rupert Murdoch

Robert Murdoch is said to have made an $80 billion takeover bid in recent weeks for Time Warner.

A deal would make Murdoch the most powerful player in the US media with a market value of $140bn.

The New York Times reports that Chase Carey, the president of Fox reportedly held private talks with Time Warner’s chief executive Jeff Bewkes in early June.

Last month, Fox delivered a formal takeover proposal worth $85 in stock and cash for each Time Warner share, the New York Times said.

The bid was around 25pc higher than Time Warner’s stock price at the time.

A combined company would have total revenue of $65bn. It was reported that Fox news offered to sell its global news operation CNN as part of the deal to ward off antitrust concerns.

Online Editors

Also in Business