Deals
Fox’s Carey Said to Drop Bomb on Bewkes Over Lunch
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21st Century Fox Inc.’s bombshell bid of $75 billion for Time Warner Inc. started as a chat over lunch between two longtime friends: Fox President Chase Carey and Jeff Bewkes, Time Warner’s chairman and chief executive.
Carey, Rupert Murdoch’s No. 2 at Fox, approached Bewkes about a merger of the two media companies on June 9 in New York, people familiar with the matter said. Bewkes, 62, didn’t say if he supported a deal and raised several concerns ranging from Fox’s dual-class voting structure to what would happen with CNN, said the people, who asked not to be named because the matter is private. Time Warner’s CEO ended by telling Carey, 60, he needed to inform his board and would get back with an answer.