Rupert Murdoch’s 21st Century Fox has confirmed that it made a formal approach to Time Warner in and $80bn takeover bid.
Had the approach not been put on ice it would have created one of the largest media conglomerates owning broadcast platforms such as Fox, Fox News, HBO, CNN and TNT along with print and digital titles Time, Sports Illustrated and Fortune as well as the UK publishing house IPC Media.
The bid would have meant a $85-a-share cash and stock offer that would have been an estimated 25% premium on the company’s share price.
In a statement the company said: “21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies. The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner."
In June 2010 Murdoch made a takeover approach for UK broadcaster BSkyB that was withdrawn in July 2011 following the News of the World phone hacking scandal. Murdoch’s News Corporation already owned 39.1% of BSkyB, and held on to the stake after the collapse of the takeover bid.
Mark Banham, London
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