You can now read 10 articles a month for free. Read as much as you want anywhere and anytime for just 99¢.

21st Century Fox abandons pursuit of Time Warner

Time Warner Center near Columbus Circle in Manhattan.

Adrees Latif/REUTERS

Time Warner Center near Columbus Circle in Manhattan.

NEW YORK (AP) — Twenty-First Century Fox is abandoning its attempt to take over Time Warner in a proposed deal that would have combined two of the world’s biggest media companies.

The about-face announced Tuesday comes three weeks after Time Warner Inc. revealed that it had rejected 21st Century Fox’s unsolicited $76 billion buyout offer.

Continue reading below

Besides that rebuff, 21st Century Fox CEO Rupert Murdoch cited a decline in his New York company’s stock price as one of the reasons for ending the pursuit of Time Warner.

With the proposed deal off the table, 21st Century Fox’s board approved a plan to spend $6 billion buying back the company’s stock during the next year.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week