Time Warner on Verge of Takeover by Far Right Propagandist: Fox News' Rupert Murdoch Reportedly Near Purchase or Merger

Murdoch's proposal, fresh on the heels of a damaging phone-hacking scandal that involved his British tabloids, is aggressively bold even for a media mogul whose ambitions are legendary.

38 Degrees members campaigning to stop Rupert Murdoch taking control of BSkyB in the UK in the wake
of Murdoch's phone hacking scandal. (Photo by 38 Degrees)

By Soyoung Kim and Liana B. Baker
Rupert Murdoch’s Twenty-First Century Fox Inc made an audacious offer for Time Warner Inc that if it succeeds would transform the American media landscape and cement the 83-year-old's status as the most powerful magnate in U.S. media and entertainment.

While Time Warner, whose assets include the HBO cable channel and the Warner Bros movie studio, rejected the $80 billion bid, Murdoch is unlikely to abandon the pursuit and has the “disciplined determination” to get the deal done, people close to the situation said. Investors expect he will eventually raise the offer and increase the cash component – 40 percent - to win the prize.

Murdoch's proposal, fresh on the heels of his high-profile divorce and a damaging phone-hacking scandal that involved his British tabloids, is aggressively bold even for a media mogul whose ambitions are legendary.

A combined Fox-Time Warner would have a massive array of media and sports content and be in a very powerful negotiating position with cable and satellite distributors - some of whom have themselves announced mega-deals and newer ways of getting to consumers, such as online video distributors Netflix Inc and Amazon.com Inc.

Read More