Rupert Murdoch’s 21st Century Fox Inc. and Jeff Bewkes’s Time Warner Inc. couldn’t be more different. One is essentially family-owned, the other purely public. One likes to contribute to Republican candidates, the other to Democrats. And of course there’s Fox News versus CNN.
Those vast philosophical and cultural differences aren’t just talking points. They played a big role in the decision by Chief Executive Officer Bewkes and Time Warner’s board to spurn Murdoch’s $75 billion bid last month to buy the company, according to several people familiar with the deal who asked not to be named.