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Gabelli Says Board Seats, Preferred Stock Key to Fox Bid

Investor Mario Gabelli said he could be swayed to support an increased bid for Time Warner Inc. if Rupert Murdoch included board representation and convertible preferred stock in his offer.

Gabelli, the 72-year-old founder, chairman and chief executive officer of Gamco Investors Inc., is a shareholder of both New York-based media companies, with 4 million Time Warner shares and 10 million voting and non-voting shares of Murdoch’s 21st Century Fox Inc.