Categories: Business

Time Warner rejects 21st Century Fox’s $80 billion takeover bid

Time Warner has rejected an initial takeover approach from rival 21st Century Fox estimated at $80 billion.

The takeover approach by the Rupert Murdoch owned company was made last month, it was revealed.

21st Century Fox confirmed in a statement on Wednesday that its offer for Time Warner had been rejected.

It added it was not currently in talks with Time Warner about pursuing the deal further.

Time Warner has rejected an initial takeover approach from rival 21st Century Fox estimated at $80 billion

“21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies,” the company said.

“The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.”

21st Century Fox owns movie studio 20th Century Fox and cable news channel Fox News.

According to the New York Times, Fox offered to sell Time Warner-owned CNN as part of the takeover deal proposal for its rival in order to clear any objections US regulators might have had to the deal.

A statement released by Time Warner said after lengthy discussions it had decided it was not in its best interests or those of its shareholders to accept the proposal or to pursue any further discussions with Fox.

Time Warner’s share price jumped some 16.35% higher in the first 20 minutes of trade on the New Stock Exchange to $82.62 per share.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

4 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago