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21st Century Fox Made $80 Billion Offer To Acquire Time Warner
Posted by Joseph Lee on 07.16.2014



Coming Soon reports that 21st Century Fox has revealed that they made an offer to Time Warner Inc. last month to combine the companies for $80 billion, but the Time Warner Board of Directors declined. 21st Century Fox are no longer in talks with the company. Time Warner added that the proposal was for Fox to acquire all of the outstanding shares of the company, which is 1.531 of 21st Century Fox Class A non-voting common shares and $32.42 in cash per share.

Time Warner said: "The Time Warner Board, after consultation with its financial and legal advisers, determined that it was not in the best interests of Time Warner or its stockholders to accept the Proposal or to pursue any discussions with Twenty-First Century Fox. The Board is confident that continuing to execute 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."

When making their decision, Time Warner considered the following:

- "The execution of Time Warner's strategic plan will continue to drive significant and sustainable value for Time Warner stockholders;

- The unique value of Time Warner's industry-leading businesses including its portfolio of networks and its film studio and television production business is only going to increase;

- There is significant risk and uncertainty as to the valuation of Twenty-First Century Fox's non-voting stock and Twenty-First Century Fox's ability to govern and manage a combination of the size and scale of Twenty-First Century Fox and Time Warner; and

- There are considerable strategic, operational, and regulatory risks to executing a combination with Twenty-First Century Fox.
"

If this has happened it would have been huge news. Time Warner's subsidiaries include New Line Cinema, HBO, TBS, The CW, Warner Bros., Kids' WB, Cartoon Network, Boomerang, Adult Swim, CNN, DC Comics, Warner Bros. Animation, Cartoon Network Studios, Hanna-Barbera, MLB Network and Castle Rock Entertainment. 21st Century Fox's subsidiaries include the Fox Entertainment Group (20th Century Fox, FOX), STAR TV, Sky Italia and stakes in BSkyB and Sky Deutschland.





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