Jul
16
Murdoch and Fox Open to a Higher Bid for Time Warner
Posted in: UncategorizedTwenty-First Century Fox Inc. is willing to go higher in its quest to buy Time Warner, according to a person with knowledge of the matter, a sign that Chairman-CEO Rupert Murdoch is undeterred after being rebuffed in an initial offer for the media company.
“21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies,” Fox said today in a statement. “The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.”
The New York Times reported earlier that 21st Century Fox last month offered Time Warner $85 per share in cash and nonvoting stock, and a 25% premium over Time Warner shares at the time.
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