Rupert Murdoch Rescinds Time Warner Offer

John Michael Davis

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Media conglomerate 21st Century Fox, headed by Rupert Murdoch, went public on Tuesday with the news that it has revoked its offer to “acquire” Time Warner, Media Matters reports.The original July offer, a sum of $80 billion, was rejected by Time Warner, ending a potential merger which would have given Murdoch “control of 40 percent of the cable market,” as well as nearly a third of the movie market, according to Media Matters’ Angelo Carusone.Media Matters reports that they:urged Time Warner shareholders and its Board of Directors to oppose the sale, arguing that the combined company, which would have created the world's second-largest media conglomerate, would reduce the viable options and options available for consumers.As it stands, 21st Century Fox announces they will instead buy back $6 billion in Time Warner shares, but speculation has begun to mount over the possibility that Murdoch's mission to acquire the company hasn't ended.

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John Davis is an intern at In These Times.
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