Time Warner shares soar on report of Murdoch bid

Written By limadu on Rabu, 16 Juli 2014 | 19.33

NEW YORK (CNNMoney)

According to a report in the New York Times, Murdoch made the bid for Time Warner (TWX) in June. Fox COO Chase Carey reportedly met with Time Warner CEO Jeff Bewkes to discuss the deal. But Time Warner's board reportedly rejected the offer. Time Warner owns CNN and CNNMoney.

But the report suggested that Murdoch was unlikely to drop his plans to take over Time Warner. If Murdoch is successful in convincing Time Warner to agree to a deal, Fox (FOXA) would sell off CNN to answer anti-trust concerns. The report mentioned ABC and ESPN owner Walt Disney Co. (DIS) as well as CBS (CBS) as possible suitors for CNN.

Fox would hang onto cable networks such as TBS, TNT and premium network HBO, as well as movie studio Warner Bros.

A deal would combine Time Warner's media brands with the Fox broadcast network, the 21st Century Fox movie studio, and entertainment cable networks such as FX as well as Fox news and Fox Sports 1. It would also give the company access to a number of sports rights deals that Time Warner now holds with the NBA, the NCAA basketball tournament and Major League Baseball.

Spokespeople for Time Warner and Fox were not immediately available for comment.

First Published: July 16, 2014: 7:52 AM ET


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