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Murdoch bids big for Time Warner

Murdoch bids big for Time Warner

Posted by Liliana Castaño on July 18, 2014

  • His biggest and boldest bid yet emerged on Wednesday: an $80 billion takeover offer for Time Warner Inc., which would be the biggest media deal in more than a decade.While Time Warner has rebuffed his effort and no talks are underway, Mr. Murdoch is determined and unlikely to walk away anytime soon, people briefed on the matter said. And he has a track record of pursuing companies that first said no before giving in.

    His pursuit is likely to set off a wave of takeover battles elsewhere in the industry as others race to keep up. By bidding for Time Warner, Mr. Murdoch’s 21st Century Fox is seeking to create a colossus in the television and film industries at a time when both face pressure from the growing power of cable companies like Comcast and online video giants like Google.

    Combining 21st Century Fox and Time Warner would bring under one roof some of the biggest sources of content: HBO, one of the most lucrative cable channels; Fox Broadcasting; and the movie studios Warner Bros. and 20th Century Fox. It would unite “Game of Thrones” and televising Nascar, as well as “The Lord of the Rings” and “Dawn of the Planet of the Apes.”

    But it would not include CNN, which Fox plans to sell to allay concerns from antitrust regulators.

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