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Rupert Murdoch's 21st Century Fox withdraws bid for Time Warner
Rupert Murdoch's 21st Century Fox withdraws bid for Time Warner

Rupert Murdoch's 21st Century Fox has abandoned its $80-billion offer for rival media giant Time Warner. The media mogul said Tuesday that combining the two companies would have been a “unique opportunity” but he wanted his bid to be friendly. Time Warner board members had dug in with their resistance, and Murdoch said he did not want to engage in a protracted and hostile battle. Murdoch's move was a stunning reversal following the company's disclosure last month that it wanted to buy Time Warner, which boasts such assets as HBO, CNN, TNT, Cartoon Network and Warner Bros., Hollywood's largest television and movie studio. Most analysts had expected...

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