Why Murdoch’s Fox Withdrew $75B Time Warner Offer

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Aug. 6 (Bloomberg) -- Rupert Murdoch’s 21st Century Fox withdrew its unsolicited takeover offer of $75 billion for Time Warner, giving up after the attempt to reshape the media industry sent Fox shares tumbling. Bloomberg’s Matt Campbell reports on “Bloomberg Surveillance.” (Source: Bloomberg)

Following the deal closely.

A rare defeat for murdoch.

He cited the selloff and fox shares -- in fox shares.

Is there an implicit "for now" in the statement?

I think he has shown that he is a deal maker, he is someone who has gotten what he wants over time.

I don't it we can roll this out forever and ever.

Mr.

murdoch is 83 years old.

Presumably, he will not be at this game and definitely.

The consensus is that this deal is back on the shelf for the moment.

Is it possible that maybe the fundamentals did not look as good as we thought they did?

Maybe this idea that we thought this could be $1 billion was not feasible?

It sounds again nice thing that is not necessarily rational.

There was an enormous amount of scrutiny of all of the numbers and the suggestions that fox made about how this new business would be run.

There is also a culture clash, as he were discussing previously.

Time warner tends to be a differently run company that fox and news corp.

There were financial reasons, regulatory obstacles, there was a cultural issue.

This was a very hard deal to pull off an rupert murdoch has admitted defeat for now.

For now, but you wonder what this does for the rest of the industry.

Yesterday, jon erlichman spoke with the disney ceo about the failed bid.

The offer that was made was not well received.

Rupert must have determined that unless time warner was willing to engage, he was going to have a hard time accomplishing what he wanted to.

It is a tough thing to do under hostile circumstances.

I can only speculate that rupert did not want to pursue it under hostile circumstances.

I don't know that for sure.

There was a lot we don't know for sure, but time warner remains in place because of what rupert murdoch did.

As disney, cbs, or google have a play?

I think that is a very interesting question.

The genesis of all this was a rumor that both google and fox were looking at bids for time warner.

Time warner has been very attractive.

There was no brand in the american media like hbo, in terms of turning out hit television over and over again.

That is a big part of the story with warner bros., of course.

If we do take the view that content is king, time warner is sitting on some of the best content.

This text has been automatically generated. It may not be 100% accurate.

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