Fox Denies Report It Made $105 a Share Bid for Time Warnerby and
The website Benzinga reported earlier that Fox offered $105 a share for its larger rival and a deal could be announced next week. The report is “categorically untrue,” Fox said Friday in an e-mailed statement. Time Warner declined to comment.
Time Warner, which rose as much as 4.8 percent today, gave back some of its gains and was up 2.8 percent to $72.19 as of 12:53 p.m. in New York. Fox advanced 1.4 percent to $26.26.
Fox, controlled by billionaire Rupert Murdoch, made an unsolicited $85 billion bid for Time Warner in 2014 that failed after Time Warner and its chief executive officer, Jeffrey Bewkes, rejected the plan. A renewed buyout would pose additional challenges for Fox because the potential target has a larger market value.
Time Warner, owner of HBO and cable channels CNN, TBS and TNT, has a market capitalization of $57.6 billion. Fox, which has Fox News, FX and the 20th Century Fox movie studio, has a market value of $51.7 billion, based on data compiled by Bloomberg.