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US: Murdoch walks away from Time Warner

 |  August 6, 2014

Media mogul Rupert Murdoch has reportedly abandoned plans for his 21st Century Fox to acquire Time Warner. The deal would have been the biggest media merger in a decade with a price tag of $150 billion.

According to reports, the merger would have lead to the largest movie and television studios and allowed Fox to more adequately compete with ESPN, which holds the top spot in sports broadcasting.

Reports say Murdoch decided to end the takeover pursuit due to hostility from Time Warner against the transaction. Time Warner was reported to have already rejected an initial offer by Fox, but Murdoch was expected to increase his bid for the company.

Reports say Murdoch decided to end takeover talks on Monday.

Full content: NYTimes

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