Pay-TV: 21^st Century Fox withdraws proposal to purchase its competitor Time Warner

The American broadcasting company 21^st Century Fox announced on 05/08/2014 that it was withdrawing its proposal to purchase Time Warner, its main competitor in the American broadcast sector.

21^st Century Fox made an initial offer to purchase Time Warner in June 2014 that was declined by Time Warner's board, and a second offer in mid-July 2014 that was estimated at $80bn (€59bn) by The New York Times on 16/07/2014.

“We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands. Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its board refused to engage with us to explore an offer which was highly compelling," said Rupert Murdoch, owner and CEO of 21^st Century Fox, on 05/08/2014.

"Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders. These factors, coupled with our commitment to be both…