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Rupert Murdoch may not take no for an answer from Time Warner
Rupert Murdoch may not take no for an answer from Time Warner

Rupert Murdoch wants one more jewel for his crown. The 83-year-old media mogul's audacious $80-billion bid to acquire Time Warner was rejected, but people close to Murdoch say that he hasn't given up. Time Warner's stock soared 17% on Wednesday amid news of the overture, nearly reaching the offer price of $85 a share. "Ultimately they will raise their bid to try to get the deal done," media analyst Michael Nathanson said. What's driving Murdoch is the rapid consolidation of pay television distributors, analysts say. The nation's largest cable operator, Comcast Corp., is in the process of acquiring Time Warner Cable. AT&T is buying satellite...

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