Wednesday October 7th, 2015 3:41PM

Murdoch's Fox makes bid for Time Warner

By The Associated Press
Time Warner has rejected a takeover bid from Twenty-First Century Fox and says it has no interest in further discussions with Rupert Murdoch's media entertainment giant.<br /> <br /> The New York company said Wednesday that Twenty-First Century Fox Inc. offered last month a combination of its stock and $32.42 in cash for each Time Warner share.<br /> <br /> Time Warner's board rejected the bid after consulting with financial and legal advisers and determining that its strategic plan "will create significantly more value for the (company) and its stockholders and is superior to any proposal that Twenty-First Century Fox is in a position to offer," the company said.<br /> <br /> Time Warner also said a combination with Twenty-First Century Fox carried considerable strategic, operational and regulatory risks. It also saw risk and uncertainty in the valuation of Twenty-First Century Fox's non-voting stock and that company's ability to handle a combination of this size and scale.<br /> <br /> The New York Times reported that the bid totaled $85 per share or $80 billion.<br /> <br /> Twenty-First Century Fox confirmed in a short, separate statement that Time Warner had rejected its bid, but it did not provide any details. It added that it is not currently in discussions with Time Warner.<br /> <br /> The Times, citing anonymous sources, said that Murdoch is determined to make a deal. That price amounted to a 25 premium to Time Warner's stock price at the time.<br /> <br /> Time Warner's holdings include the cable movie channel HBO and Warner Bros. studios. The company said Wednesday its management team has completed several deals that have unlocked value in related businesses.<br /> <br /> It spun off Time Warner Cable into a separate company in 2009. Last month, it completed the spin of its publishing division Time Inc. as well.<br /> <br /> The Times reported that Twenty-First Century Fox would have sold CNN as part of the deal to avoid anti-trust concerns. Its Fox News competes directly with the news network.<br /> <br /> Shares of Time Warner jumped 16 percent, or $11.49 to $82.50 shortly before markets opened Wednesday while Twenty-First Century Fox climbed 6 cents to $35.25.
© Copyright 2015
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 9 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 9 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 9 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 9 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 9 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 9 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 9 months ago )
Local/State News
UN is next stop for Obama after success with Iran, pope; top issues are IS, Syria, Russia
NEW YORK (AP) — Fresh from successes on Iran and with the pope, President Barack Obama still carried heavy burdens into critical meetings this week at the U.N. General Assembly.They include the threat...
3:31PM ( 1 week ago )
Stunning Congress, House Speaker Boehner announces plans to resign; tea party declares victory
WASHINGTON (AP) — Plunging Congress into deeper turmoil, House Speaker John Boehner abruptly announced his resignation Friday, shutting down a tea party drive to depose the nation's highest-ranking Re...
6:14PM ( 1 week ago )
Tornado heavily damages 10 homes but causes no injuries on island in South Carolina
JOHNS ISLAND, S.C. (AP) — A tornado quickly blew through a neighborhood on the South Carolina coast early Friday and blew out windows, knocked down trees and heavily damaged ten homes.The tornado touc...
5:08PM ( 1 week ago )
Caterpillar says it may cut more than 10,000 jobs by 2018, lowers 2015 revenue expectation
Caterpillar is planning another round of job cuts that could exceed 10,000 people through 2018, as the construction and mining equipment maker adjusts to downturns in key markets.That could amount to...
10:06AM ( 1 week ago )
Escaped tarantula grounds Atlanta-bound flight in Baltimore
An eight-legged creature that escaped in the cargo hold of a passenger flight from Baltimore-Washington International Airport to Atlanta's Hartsfield-Jackson International grounded the plane and sent passengers onto another flight.
By The Associated Press
9:06AM ( 1 week ago )