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Fox ditches plans to purchase Time Warner

Fox decides against Time Warner purchase sending Time Warner stock prices down in trading

By Shane McGlaun on Aug 6, 2014 12:00 pm CDT - 0 mins, 41 secs reading time

20th Century Fox has been working on a deal that would have seen it purchase time Warner. That purchase deal has now fallen through as Fox has withdrawn its plans to purchase Time Warner. The announcement was made Tuesday and has sent shares of Time Warner stock tumbling 11% in trading.

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Word of the potential purchase surfaced in June and the expectation was that Fox would make a higher bid than the $85 per share that had been offered. News of the offer sent shares of Time Warner stock trading above that $85 per share offer at the time.

A source had said previously that Fox would not offer more than the $90 to $95 range. Fox did announce a $6 billion share buyback program to help sooth disappointed shareholders. The move has sent shares in Fox up by 7% in trading.

Shane McGlaun

ABOUT THE AUTHOR - Shane McGlaun

Shane is a long time technology writer that also covers lots of entertainment, cars, science and other topics that are suitable geeky. Shane has been writing full time for over a decade. Shane will cover all sorts of news for TweakTown including tech and other topics. He wrote for TweakTown in the past covering tech news and laptop computers among other things. When not writing about all things geeky, he can be found at the track teaching noobs how to race cars.

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