What Is Going To Be Rupert Murdoch's Next Move? Investors Have Divided Opinion
Investor cannot come out with a unified decision about the move made by Rupert Murdoch's 21st Century Fox, which has recently given up on acquiring Time Warner, its US entertainment rival.
Bruce Smith, who is a portfolio manager with Alphinity, is of the opinion that the initial $US80 billion bid as well as the withdrawal were both very surprising moves.
He said "They don't usually give up that easily. We'll see if they really have."
If the deal worked out then the combined, 21st Century Fox and Time Warner would have shaped a huge arrangement which could have emerged in the industry. It would be the perfect combination of the two largest movie and television studios in Hollywood.
That would also have enabled Fox to attempt a challenge to ESPN's supremacy to sports broadcasting. The deal could also have blended two immensely different corporate cultures to come together with the usually liberal approach of Time Warner which is home to HBO and the Fox a more conservative company that is the home of Fox News.
The announcement of Fox's withdrawn from its "compelling" bid has been attributed to the fall in its share prices as well as Time Warner's negation to engage. It will surely have a different effect on the earning's results of the companies which is due this week.
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