Fox digs in on Time Warner

Fox digs in on Time Warner

By Darren Davidson - The Australian

Time Warner’s chief executive, Jeffrey Bewkes, sent staff a video discussing his rejection of the offer, as sources close to Mr Murdoch said he was not done trying. “Quite simply, the board concluded that continuing to execute our strategic plan and our business plans will create significantly more value for the company and our shareholders, and that that’s superior to any proposal that Fox is in a position to offer,” Mr ­Bewkes said in the video message also posted to YouTube.

If Mr Murdoch were to succeed to gain control of Time Warner — its share register is dominated by institutional investors — the deal would transform the media industry, creating a behemoth with $US61bn in revenue, the largest media company by revenue in the world.

Read more here: Business Spectator


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