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Time Warner Wins the Day; Murdoch and Fox Abandon Takeover Attempt

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  • Strongly Liberal Democrat
    Portland, OR
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    Rupert Murdoch surprised everyone today when he abandoned his bid to takeover Times Warner. Murdoch had been trying to force a hostile takeover of the company for months and he would have been in control of one of the world's largest media conglomerates had he been successful.

    This is a big win for Time Warner, whose board fiercely resisted the hostile takeover at every move. Bill Maher led the revolt by explaining to his viewers what the takeover might do to his popular show. Today's announcement marks one of the first times Murdoch has ever been defeated when attempting to take over another corporation.

    Today's announcement is a very positive development. I have many misgivings about media consolidation and even more so when someone like Rupert Murdoch is involved in any such acquisition. Has anyone been following this issue? What do you think about Time Warner being able to get Murdoch and Fox to give up their takeover attempt?