Rupert Murdoch's 21st Century Fox has abandoned plans to buy Time Warner for $ 80 billion. This is announced in an official press release.
" The future of 21st Century Fox has never been more cloudless. The strength of our existing franchises, multiplied by the effective development of new projects and our leading position in the international entertainment industry, is the path to even greater prosperity, '' the company said in a statement.
Note that the market reacted to this news with a significant drop Time Warner share price. In the very first trading session, their price fell immediately by 11 percent.
In turn, FOX shares rose by seven percent and reached a value of $ 33.3 per share.
The Topic of Article: 21st Century Fox refused to buy Time Warner.