Murdoch Sets Sights on Time Warner
“If content is still king in a media business challenged by new technologies and nimble upstarts, Rupert Murdoch hungers to wear the crown,” Andrew Ross Sorkin and Michael J. de la Merced write in DealBook. On Wednesday, Mr. Murdoch’s boldest bid yet emerged: an $80 billion takeover offer for Time Warner Inc., which would be the biggest media deal in more than a decade. Time Warner has rebuffed his offer and no talks are underway. But Mr. Murdoch is known for getting what he wants ‒ even when companies have first said no ‒ and people briefed on the matter said he is unlikely to walk away anytime soon.
Mr. Murdoch’s pursuit is likely to set off a wave of takeover battles elsewhere in the industry as others race to keep up with the media mogul. “Mr. Murdoch’s 21st Century Fox is seeking to create a colossus in the television and film industries at a time when both face pressure from the growing power of cable companies like Comcast and online video giants like Google,” Mr. Sorkin and Mr. de la Merced write. Combining the two companies would bring under one roof some of the leading sources of content, including HBO and Fox Broadcasting. Notably, the deal would not include CNN, which 21st Century Fox plans to sell in any deal to assuage concerns from antitrust regulators.