Rupert Murdoch withdraws offer for Time Warner
Time Warner headquarters
New York - AFP
Media tycoon Rupert Murdoch said Tuesday his 21st Century Fox group had withdrawn its offer for Time Warner which could have shaken up the media-entertainment world.
Murdoch said in a statement the decision was made because "Time Warner management and its board refused to engage with us" and that "the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders."
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