Deals: Murdoch Rebuffed by Time Warner

Rupert Murdoch

Rupert Murdoch’s 21st Century Fox has made a bold $80B attempt to purchase Time Warner for $80 billion, only to be rebuffed, reports The New York Times and WSJ.

Despite the rejection, Time Warner is likely now in play. Fox is pressing Time Warner to talk and public exposure of the approach could put pressure on Time Warner CEO Jeff Bewkes to sit down.

Such a deal could have massive ramifications, putting one of the biggest producers of network television under the same roof as a major broadcast TV network.

One conflict, that of CNN and Fox News, wouldn’t arise as Fox would sell CNN, WSJ says. The question now is whether anyone else emerges or how high Fox is prepared to raise its offer.