Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Fox’s $80 Billion Offer for Time Warner Rebuffed, NYT Says

Don't Miss Out —
Follow us on:
Chase Carey
Chase Carey, the president of Fox and a longtime top lieutenant to Rupert Murdoch, met privately with Time Warner's chief executive officer, Jeff Bewkes, the New York Times said. Photographer: Scott Eells/Bloomberg

July 16 (Bloomberg) -- Rupert Murdoch’s 21st Century Fox Inc. made an $80 billion takeover bid in recent weeks for Time Warner Inc. that was rebuffed, the New York Times reported, citing people briefed on the matter whom it didn’t identify.

Time Warner shares rose 13 percent to $80.40 in early New York trading. As part of the proposal, Fox indicated that it would sell CNN to ward off potential antitrust concerns since Fox News competes directly with CNN, New York Times said. Putting CNN on sale would probably lead to a bidding war for the news channel as CBS and ABC, a unit of the Walt Disney Co., have long been seen as interested suitors, the newspaper said.

Fox first approached Time Warner in early June, New York Times reported. Chase Carey, the president of Fox and a longtime top lieutenant to Murdoch, met privately with Time Warner’s chief executive officer, Jeff Bewkes, the newspaper said. Later that month, Fox delivered a formal takeover proposal worth $85 in stock and cash for each Time Warner share.

Nathaniel Brown, a Fox spokesman in New York, declined to comment on the report when reached by Bloomberg News.

To contact the reporter on this story: Kenneth Wong in Berlin at kwong11@bloomberg.net

To contact the editors responsible for this story: Kenneth Wong at kwong11@bloomberg.net Cornelius Rahn

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.