21st Century Fox’s $80bn (£48bn) proposal to buy Time Warner -has Murdoch lost his Midas touch?
Adam Sherwin is Media Correspondent at The Independent and an award-winning writer who specialises in covering the entertainment, broadcasting, music and popular culture industries. Previously Media writer and diarist at The Times, he was a co-founder of the Beehive City media and entertainment website. As regular contributor to BBC London 94.9 Radio station, he was named Music Business writer of the year at the awards of influential music industry site Record of the Day in 2006.
Sunday 10 August 2014
Once the ultimate dealmaker, Rupert Murdoch is licking his wounds after the rebuttal of 21st Century Fox’s $80bn (£48bn) proposal to buy Time Warner.
Mr Murdoch said the refusal of Time Warner to engage in discussions, coupled with the negative reaction of Fox’s share price, made the transaction, which would have created a new global media behemoth, “no longer attractive to Fox shareholders”.
Fox is now looking inwards with Mr Murdoch’s board adding another $6bn to the company’s stock buy-back programme.
While Fox reported an almost 17 per cent rise in quarterly revenue last week, News Corp, the publishing arm of Mr Murdoch’s business, which includes The Sun and The Times, continues to pose problems.
Tulisa Contostavlos, the former X-Factor presenter who was cleared of drugs charges following a cocaine sting by The Sun’s Fake Sheikh Mazher Mahmood, plans to sue News Corp in the US over the affair.
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