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21st Century Fox withdraws bid for Time Warner
21st Century Fox withdraws bid for Time Warner

Rupert Murdoch's 21st Century Fox has abandoned its $80-billion takeover bid for rival Time Warner, a stunning retreat for a mogul not known for throwing in the towel. Murdoch said Tuesday that he wanted to orchestrate a friendly, not hostile, takeover. But Time Warner Inc.'s board dug in, and that meant Fox would have had to wage a contentious and protracted fight that could risk the company's value. Over the weekend, Murdoch and his top deputies assessed the situation and concluded that their chances of success were slim. Wall Street and many in Hollywood had been betting that Murdoch would eventually claim Time Warner as the grand prize in his 60-year-plus quest to...

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