Deals
Murdoch’s Fox Withdraws Time Warner Takeover Offer
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Rupert Murdoch’s 21st Century Fox Inc. withdrew its unsolicited takeover offer of $75 billion for Time Warner Inc., giving up after the attempt to reshape the media industry sent Fox shares tumbling.
Murdoch, the billionaire chairman of Fox, said he’s backing down after Time Warner’s board refused to engage in talks and Fox’s stock price declined 11 percent since the offer became public. Fox instead authorized a $6 billion repurchase of its Class A shares.