Rupert Murdoch’s latest effort to upend the media landscape hit a snag recently, after his audacious $80 billion bid to take over Time Warner Inc. was turned down.
Sources told the New York Times on Wednesday that Murdoch’s 21st Century Fox made inquiries last month about a bid that would have cast huge ripples throughout the industry.
In a statement on Wednesday, 21st Century Fox confirmed the bid to take over Time Warner.
The company born out of such a merger would have control over the likes of Fox News and TNT. Sources told the Times that antitrust concerns would force a sale of CNN, which could prompt a heated bidding war.
CNN’s own Brian Stelter addressed that very scenario earlier this month, correctly predicting that Murdoch would be forced to divest the cable news channel if such a bid were to go through.
