Overall revenue at Fox Corp. was up 5% in the fiscal second quarter to $3.78 billion, driven by strong affiliate fee growth at its cable and broadcast networks.

Overall affiliate fees rose 7% in the period to $1.4 billion, while total ad revenue was up about 1% to $2 billion. The ad revenue gain was despite tough comparisons to the prior year, which had record political ad sales because of the midterm elections.

On a segment basis, revenue at the cable networks was flat at $1.47 billion, while cash flow increased 7.1% to $556 million in the period, from $519 million in the prior year. Affiliate fee growth at the cable nets was about 2% to $957 million in the period, and advertising revenue was down 4.5% to $337 million.

At the television segment, which includes the Fox broadcast network and owned and operated TV stations, revenue was up slightly to $2.27 billion from $2.15 billion in the prior year. But affiliate fees (mostly retransmission consent revenue) was up 18% to $479 million and ad revenue rose 2.4% to $1.7 billion. The TV unit reported a loss of $214 million, up from $14 million in the prior year, mainly because of higher costs associated with the NFL and WWE Friday Night SmackDown, as well as higher programming rights amortization at Fox Entertainment.

“Our results reaffirm that Fox Corporation is delivering on the operational and financial objectives that we established less than twelve months ago,” said Fox executive chairman and CEO Lachlan Murdoch in a press release. “Our brands are exhibiting strength in a competitive marketplace and delivering healthy top-line growth as we continue to invest strategically to expand the reach of our portfolio and further diversify our revenue streams. Meanwhile, we are taking a balanced approach to capital allocation, including the return of $500 million to shareholders in the form of share repurchases since our last earnings release. Coming off an incredibly successful Super Bowl LIV and with the buildup to the November Presidential Election ahead of us, we look forward to continuing our momentum through calendar 2020.”

Fox Corp., the successor to 21st Century Fox, began trading Tuesday as a separate company, completing the distribution of outstanding shares of Fox Corp. to its shareholders earlier in the day and adding four new members to its board of directors.

Fox agreed to sell its cable networks FX, FXX and National Geographic, its 20th Century Fox film and TV production studios and its 30% interest in online video pioneer Hulu to Disney for $71.3 billion in cash and stock in July. With the share distribution complete, Fox said it is on track to officially close the Disney deal by 12:02 a.m. on March 20. 

After the Disney sale, Fox Corp. will house the remaining assets -- the Fox broadcast network, 28 television stations, and cable channels Fox News, Fox Business, FS1 and FS2 and the Big Ten Network. Fox Corp. will keep its old trading symbol (FOXA) on the NASDAQ Exchange.

Joining co-chairman Rupert Murdoch, his son Fox Corp. chairman and CEO Lachlan Murdoch and former Ford Motor Co. CEO Jacques Nasser on the board will be former 21st Century Fox chief operating officer and current Formula 1 chairman and CEO Chase Carey; former Speaker of the U.S. House of Representatives Paul Ryan, Aragon Holdings founder Anne Dais and former Telemundo Group chief and Hernandez Media Ventures CEO and founder Roland Hernandez.

“We are thrilled to welcome our new colleagues to the Fox board," Lachlan Murdoch said in a press release. "We look forward to working with and being guided by them as we begin a new chapter, steadfastly committed to providing the best in news, sports and entertainment programming.”

Fox, the media giant that will emerge from the ashes of 21st Century Fox after its $71.3 billion asset sale to The Walt Disney Co. is completed, unveiled several key appointments to posts across its sports, distribution and advertising businesses, all reporting to “New Fox” chairman and CEO Lachlan Murdoch.

Those appointments include:

• Eric Shanks, formerly president, chief operating officer and executive producer of Fox Sports, has been promoted to chief executive officer of Fox Sports;
• Mike Biard, former president of distributor for Fox Networks Group is now president, operations and distribution for FOX;
• Paul Cheesbrough, formerly chief technology officer of 21st Century Fox, will become chief technology officer and head of direct to consumer platforms for FOX;
• Marianne Gambelli, Fox News Channel and Fox Business Network president of ad sales, will become president of ad sales for Fox;
• Steve Tomsic, currently EVP finance and deputy CFO at 21st CEntury Fox, will become CFO at New Fox.

The appointments are effective upon the close of 21CF’s Disney transaction and the creation of Fox.

“We are fortunate to be able to continue working with these enormously talented executives who have helped make our businesses the incredible successes they are today,” Lachlan Murdoch said in a statement. “Collectively they bring to Fox the vision, entrepreneurial spirit and proven track records to position FOX to seize future opportunities for its leading and deeply resonant brands across sports, news and entertainment.”

As previously announced, John Nallen will be appointed COO of Fox, Suzanne Scott will continue to serve as CEO of Fox News and Fox Business Network, and Jack Abernethy will remain CEO of Fox Television Stations. In addition, Viet Dinh was recently named the chief legal and policy officer of Fox.

Just hours before its board of directors was slated to mull over a $65 billion offer from Comcast at a scheduled meeting, 21st Century Fox said it has received a sweetened $70 billion cash and stock bid from The Walt Disney Co. that is "superior" to the Comcast offer.

Disney had agreed to purchase certain Fox assets in December in an all-stock deal that worth about $55 billion, not including debt. Last week, Comcast launched a formal offer for the assets -- including its cable channels FX, FXX and National Geographic, TV and movie production studio 21st Century Fox, regional sports networks, and its interests in U.K. satellite company Sky and online video pioneer Hulu -- valued at about $65 billion.   

Related: Disney Pulls Fox Trigger

The new Disney bid, which is likely to receive a response from Comcast, includes a cash component and is valued at $38 per share, or $71.3 billion (vs. $35 per share or $65 billion for the Comcast bid).

Comcast declined to comment.

An added difference to the new Disney offer: shareholders can opt to take a cash and stock deal subject to a 50% cash and 50% stock pro-ration. 

“The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies, and after six months of integration planning we’re even more enthusiastic and confident in the strategic fit of the assets and the talent at Fox,” Disney chairman and CEO Bob Iger said in a statement. “At a time of dynamic change in the entertainment industry, the combination of Disney’s and Fox’s unparalleled collection of businesses and franchises will allow us to create more appealing high-quality content, expand our direct-to-consumer offerings and international presence, and deliver more personalized and compelling entertainment experiences to meet growing consumer demand around the world.”

In a statement Fox said the new Disney offer is a "significant" premium to its earlier proposal and is "superior" to the Comcast bid.

Related: The Hunt is On

“We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry,” said 21st Century Fox executive chair Rupert Murdoch in a statement. “We remain convinced that the combination of 21CF‘s iconic assets, brands and franchises with Disney‘s will create one of the greatest, most innovative companies in the world.“

Fox continued in its statement that its board has not concluded that the Comcast offer could be considered a "company superior proposal" to the Disney agreement. But it also kept the door open for Comcast to sweeten its bid.

"...[T]he amended and restated Disney Merger Agreement contains no changes to the provisions relating to the Company’s directors’ ability to evaluate a competing proposal," Fox said in its statement.

Now the ball is in Comcast's court.

Comcast chairman and CEO Brian Roberts said he believes the European satellite TV business is growing and has the potential to grow more, in stark contrast to U.S. satellite TV companies that have seen their business erode rapidly.

Comcast surprised the Street when it announced its bid for British satellite giant Sky, an attempt to out-fox 21st Century Fox’s own offer for the company. Fox owns a 39% stake in Sky and has been trying for months to acquire the remaining 61% of the company, but has faced some push back from U.K. regulators.

Investors didn’t seem too pleased with the prospect of a mogul war between Roberts and Fox’s Rupert Murdoch, who likely will up his bid for the satellite company in response. Comcast shares were down 4.1% ($1.60) to $37.98 each in early trading Tuesday. Fox shares were down less than 1% (29 cents each) to $38.52 in early trading.

In a statement, Fox said it remains committed to the offer it made for Sky on Dec. 15, 2016.

"We note that no firm offer has been made by Comcast at this point," Fox continued. "A further statement will be made if appropriate."

On a conference call with analysts to discuss the Sky bid, Roberts said despite the declines in the domestic satellite TV market, he believes the European satellite business is on a growth trajectory.

For the six months ended Dec. 31, Sky added about 365,000 new customers to its services in the U.K., Germany and Italy.

“I think it's apples and oranges,” Roberts said on the call. “From our vantage point, and for their track record, the results they just reported, there is no comparison to the satellite operator in U.S. “

Roberts added that the U.S. product is not as good as Sky, has a different competitive set and is bundled with broadband service from other providers.

“They have a pretty complete company,” Roberts said. “They’re also in an incredible and enviable position as a content aggregator, whether it’s their own content that they create, which maybe they should do more of, we’ll see overtime to the premier content they deliver to their customers. Their business has been growing, they are able to go into the over- the-top world with their Sky Now product, they can go into other markets through wireless and broadband-only, they do bundle mobile and broadband as part of their appeal to consumers. We think it’s just more like Comcast and NBCUniversal than any company we’ve seen.”

Roberts likened the Sky bid to Comcast’s purchase of NBC Universal in 2011

“Think back to the day we announced NBCU and how different 7 years later we are then we were then,” Roberts said. “People are loving content, how and where and why and how you monetize it is changing and different companies are reacting differently. What can we do together that couldn’t do alone? Stay tuned. But look at our track record. I think we look at this and say it’s a great fit.”

But the deal still has to be accepted by Sky and Fox, although it hasn’t said anything publicly at press time, is likely to make a counter offer. Roberts said on the call that he would be willing to accept 50% plus one share of Sky instead of full ownership. That could mean that Fox could keep its 39% stake in the company or transfer it to Disney as part of its overall deal to sell certain assets. Sky was believed to be an integral part of that deal, so it is still uncertain whether a Comcast win on the Sky front could throw a wrench into that deal. Comcast has been rumored to be assembling a deal for Fox’s other assets, but Roberts declined to comment on any speculation during the call.

Rupert Murdoch’s 21st Century Fox is in late stage discussions to take in the remaining stake in British satellite TV service provider Sky UK it didn’t already own, offering about $14 billion.

According to reports, Fox has agreed to pay about $13.52 per share for the remaining 61% of Sky UK it doesn’t already own, a 36% premium to its closing price on Dec. 8. Fox already owns 39% of the satellite company. 

Fox had tried to consolidate the satellite company in 2011 in a deal valued at $11.5 billion, but a phone-hacking scandal involving its News of the World British tabloid forced it to abandon the deal. As the dust has settled over the scandal in subsequent years, some analysts have said the time is ripe to restart discussions.

In a statement, Sky said its independent directors have agreed to the all-cash deal, but that “certain material offer terms remain under discussion.”

In 2014 Fox sold its interest in sister satellite TV providers Sky Italia and Sky Deutschland to Sky U.K. for about $9.3 billion. The deal created a European satellite giant with about 21 million customers in the U.K., Italy and Germany.

Despite possible changing regulatory sentiment around AT&T’s $108.7 billion deal to purchase Time Warner Inc., 21st Century Fox CEO James Murdoch told an industry audience Monday that he has no plans to chase big transactions.

“Let’s not get too concerned about empire building and getting scale for scale’s sake,” Murdoch said at the UBS Global Media and Entertainment conference in New York Monday.

Murdoch added that while ratings have been declining for news networks this year and that is likely to continue in 2017, he believes Fox News is well positioned.

Murdoch also addressed the controversy surrounding former on-air personality Gretchen Carlson’s sexual harassment suit against Roger Ailes, which resulted in Ailes’ resignation as head of Fox News and 21st Century Fox TV stations. Other former and current female Fox personalities have voiced similar experiences at the network with Ailes.

At the UBS conference, Murdoch said that the company took swift action once the accusations were brought to light.

“The company was decisive and did what we needed to do,” Murdoch said. He added that in the wake of Ailes’ departure, the network is “going really well. I’m pleased with it.”

A long-time proponent of digital media and streaming opportunities, Murdoch said here is huge potential in digital video for Fox.

“The streaming business is much, much better,” Murdoch said. “It’s much more fluid. There’s an opportunity to understand your customer better.”

Although there are greater monetization opportunities through targeted and advanced ads with streaming, Murdoch added that Fox won’t go direct-to-consumer with its networks like rival CBS has with its CBS All Access product, preferring to work with distributors like Sling TV, DirecTV Now and an upcoming streaming service from Hulu slated for next year.  Fox is a part owner of Hulu along with The Walt Disney Co., Time Warner Inc., and Comcast’s NBC Universal.

“Your customer has different expectations of you at some point when they’ve given you their credit card,” Murdoch said. “We have to be a little bit careful that we don’t fragment the business too much.”

Roger Ailes, chairman and CEO of Fox News Channel and Fox Business Network and chairman of Fox Television stations, has resigned from those roles effective immediately.

Ailes has been under fire ever since former Fox & Friends anchor Gretchen Carlson filed a lawsuit accusing Ailes of sexual harassment, claiming the Fox News chief fired her after she rebuffed his repeated advances. In the wake of Carlson’s lawsuit, several other former and current female Fox employees have reportedly come forward with similar claims.

According to a report in New York Magazine earlier this week, Fox parent 21st Century Fox CEO James Murdoch, and co-executive chairmen Lachlan Murdoch and Rueprt Murdoch had agreed that Ailes should leave the company, but couldn’t agree on timing. According to the report, Rupert and Lachlan wanted to wait until after the Republican National Convention to oust Ailes, while James wanted it to occur this week. Tonight is the last night of the RNC, where nominee Donald Trump, a Fox News staple, is scheduled to make his acceptance speech.

Rupert Murdoch will assume Ailes’ duties as chairman and acting CEO of Fox News Channel and Fox Business Network. 

“Roger Ailes has made a remarkable contribution to our company and our country.  Roger shared my vision of a great and independent television organization and executed it brilliantly over 20 great years,” Rupert Murdoch said in a statement. “Fox News has given voice to those who were ignored by the traditional networks and has been one of the great commercial success stories of modern media. It is always difficult to create a channel or a publication from the ground up and against seemingly entrenched monopolies.  To lead a flourishing news channel, and to build Fox Business, Roger has defied the odds. His grasp of policy and his ability to make profoundly important issues accessible to a broader audience stand in stark contrast to the self-serving elitism that characterizes far too much of the media. I am personally committed to ensuring that Fox News remains a distinctive, powerful voice.  Our nation needs a robust Fox News to resonate from every corner of the country.”

Murdoch continued that he takes on the added roles with the support of Fox’s existing management team under Bill Shine, Jay Wallace and Mark Kranz.

“We join our father in recognizing Roger’s remarkable contributions to our company,” Lachlan Murdoch and James Murdoch said in a joint statement. “Our talented Fox News and Fox Business colleagues, up and down the organization and on both sides of the camera, have built something that continues to redefine the cable news experience for millions of viewers. We are enormously proud of their accomplishments. For them, as well as for our colleagues across our entire organization, we continue our commitment to maintaining a work environment based on trust and respect.  We take seriously our responsibility to uphold these traditional, long-standing values of our company.”

European media and telecom giants Vivendi and Vodafone have reportedly approached 21st Century Fox about buying its 39% stake in U.K. satellite company Sky, but backed off after Fox requested a hefty price.

According to several reports in the U.K. press, Vivendi chairman and largest shareholder Vincent Bollore held informal talks with the Murdoch family regarding the Sky stake, but backed off after the controlling shareholders asked for about $28 per share, a 73% premium to its trading price at the time. In addition, those same reports said Vodafone separately approached the Murdochs about Sky, but backed off.

News of the talks sent Sky stock up by about 5% in the past few days, but some analysts doubted that any deal is in the works.

“We believe the simplest explanation (again, if the press reports are accurate), is that Fox was approached, Fox didn't really want to sell, so they indicated a price that was so absurd that no reasonable person would pay it (and if someone was willing to pay it, well, at that price, maybe Fox would sell),” wrote Sanford Bernstein analyst Claudio Aspersi in a note to clients.

Vivendi has long been interested in the satellite company – it reportedly made a bid for Sky back in April but Vivendi later denied interest – and is flush with cash as it has divested several telecom assets to concentrate on its Canal Plus television business.

Vodafone too has been on the prowl for TV assets – it bought Germany’s largest cable operator Kabel Deutschland in 2013   – and could see a Sky purchase as another feather in its growing TV cap. Speculation has also been high that Vodafone and Liberty Global would do a deal – Vodafone confirmed in a terse statement earlier in the month that it was in talks with Liberty Global about certain assets, but was not discussing a takeover.

Other reports speculated that Fox may be trying to drum up interest with its shareholders to make another attempt to buy the remaining interest in Sky, but many believe government opposition to such a deal is still high. Former Fox parent News Corp. had tried to purchase the remaining 61% of Sky back in 2010 for $11.5 billion, but a phone hacking scandal with its U.K. newspapers and government reluctance to strengthen the Murdoch family’s stranglehold on U.K. media forced the company to withdraw the offer. Bernstein’s Aspersi doubted that the family would want to go through that again.

“If Fox is hoping to make another run at Sky in the near-term (in spite of the political opposition which likely remains high), we don't understand why they'd anchor the bid at such a high price,” Aspersi wrote.

Rupert Murdoch is preparing to step down as CEO of 21st Century Fox and hand the reins to his son James, according to CNBC’s David Faber. James Murdoch, currently co-chief operating officer of the programming giant, has been groomed for the position for years.

According to Faber, Fox COO Chase Carey also is stepping down from the company and will serve in an advisory role. Rupert Murdoch would continue as executive chairman, while his other son Lachlan, currently non-executive co-chairman of the company, would serve as co-executive chairman.

Faber, citing numerous sources inside the company, said it is unclear whether the transition would occur this year or in early 2016.

In a statement, 21st Century Fox said “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting.”

Rupert Murdoch has been the relentless driving force behind 21st Century Fox, which up until 2013 was housed under the News Corp. umbrella. The company split in two that year, with its publishing assets – including newspapers the London Times, the Wall Street Journal and the New York Post  -- housed within News Corp. Its television stations, the Fox Broadcasting network, cable channels like FX, Fox News Channel and Fox Sports and the 20th Century Fox movie studio were placed within 21st Century Fox.

James Murdoch has been groomed to take over the reins of the company for years, serving stints at its Asian operations (Star TV) and as chairman and CEO of its U.K. satellite TV business – British Sky Broadcasting. James Murdoch also was responsible for its newspaper operations within News Corp. and faced sharp criticism in the wake of the phone hacking scandal at its British tabloid News of the World. James and his father were hauled before British Parliament and subjected to intense questioning from officials. While neither was accused of wrongdoing, James Murdoch has reportedly been working hard to repair the damage to his reputation the scandal inflicted.

And though he will be giving up the CEO role, Rupert, as executive chairman, will still have the last say in making major decisions.

Still, the new structure is expected to be modeled after the current relationship the chairman has with Carey, with one concentrating on day-to-day operations and the other focusing more on longer-term issues. Carey, who signed a new employment agreement last year that allowed him to exit the company early, has agreed to stay on at least through 2016 to help with the transitions, according to reports.

Succession issues have come to the forefront in recent years for the 84-year-old patriarch. Lachlan, who earlier in the past decade had been seen as the leader for the top spot, left the company for nine years to head up his own investment company in Australia. He returned to the company in 2014, becoming non-executive chairman of both News Corp. and 21st Century Fox.

According to reports, Rupert Murdoch first started to discuss the succession plans in 2014. The 84-year-old Murdoch is said to be in good health and is a common sight at News Corp. and Fox offices.   

In a year when he fended off a hostile takeover by Rupert Murdoch, revamped its Turner Broadcasting unit and launched an over the top version of its iconic Home Box Office brand, Time Warner chairman and CEO Jeff Bewkes total compensation stayed fairly steady, rising just 1.2% to $32.9 million.

According to a proxy statement filed with the Securities and Exchange Commission Friday, Bewkes received a base salary of $2 million, stock and option awards of $8 million each and $14.5 million in non-equity incentive plan compensation. Bewkes’ $32.9 million in total comp compares to the $32.5 million he received in 2013.

Last July Bewkes fought off an $80 billion unsolicited takeover bid from 21st Century Fox  – Fox dropped its bid in August  – and in October steered its Turner networks through a reorganization that saw about 1,500 people losing their jobs.   Later that same month, Bewkes tore the cover off HBO’s over-the-top product – later dubbed HBO Now.        

Other Time Warner execs received similar raises – executive vice president and general counsel Paul Cappuccio received $8.7 million in total comp for the year, up 11.5%; while EVP of corporate marketing and communications Gary Ginsburg received $4.3 million up 4.9% from 2013. Executive vice president of international and corporate strategy Olaf Olafsson received $4.3 million in total compensation for the year, a 4.9% raise. Chief financial officer Howard Averill, who joined Time Warner from Time Inc. last year, received $8.2 million in total compensation, according to the proxy.

A 15% rise in cable network revenue – including a 10% increase in domestic ad sales – helped fuel strong overall results at 21st Century Fox in the fiscal first quarter.

Overall revenue was up 12% to $7.89 billion at the parent of Fox News Channel and FX Network in the period. Operating income at the media conglomerate grew by 10% to $1.78 billion in the period, again pumped up by its cable, filmed entertainment and satellite TV segments.

“Our strong earnings and revenue growth in the quarter were driven by continued momentum at our Cable Network Programming and Filmed Entertainment segments, reflecting sustained increases in affiliate fees as well as the global box office success of Dawn of the Planet of the Apes and The Fault in Our Stars,” said 21st Century Fox chairman and CEO Rupert Murdoch in a statement. “Additionally, we continued our focus on driving long-term value through our planned investments in a number of our growing brands, most notably our new channels FXX, Fox Sports 1 and STAR Sports.”

Cable Network revenue was up 15% to $3.2 billion and operating income before depreciation and amortization (OIBDA) increased 5% to $1.04 billion. Fox said the revenue gain was partially offset by a 21% increase in segment expenses, nearly half of which reflected the combined impact of the planned investments in new sports channels launched in the prior year, coupled with the consolidation of the Yankees Entertainment and Sports Network (the “YES Network”). The expense growth at the new sports channels mainly reflected increased rights fees for the India vs. England cricket series at STAR Sports and the broadcast of regular season Major League Baseball games at Fox Sports 1.

Increased programming and marketing costs at the FX Networks were incurred for original programming like The Strain , Tyrant and Sons of Anarchy at FX and for the exclusive cable rights to air all 552 episodes of The Simpsons at FXX.

Domestic affiliate revenue increased 18%, reflecting the combination of sustained growth at its regional sports networks, FX Networks and Fox News Channel, the contribution from Fox Sports 1, as well as the consolidation of the YES Network. International affiliate revenue increased 8% in the period.

Domestic advertising revenue at the cable segment grew 10% in the quarter over the prior year period driven by the consolidation of the YES Network and solid growth at the FX Networks and Fox News Channel. Growth at Fox News and the RSNs helped drive a 15% increase in OIBDA at the domestic channels in the period.

A month after its chairman and chief operating officer repeatedly told analysts and the media that it had no acquisitions targets on its radar in the wake of its abandoned bid for Time Warner Inc., 21st Century Fox executives, apparently not getting that particular memo, have reportedly held preliminary talks with premium cable channel Starz about a possible deal.

According to a report in the Los Angeles Times, several unnamed Fox executives held a meeting Tuesday on its studio lot in Los Angeles with Starz CEO Chris Albrecht and investment bankers. A source familiar with the situation told Multichannel News that the talks were held Tuesday as a courtesy and that there is no interest on Fox’s part to do a deal.

That seems to jibe with statements made recently by Fox chairman and CEO Rupert Murdoch and chief operating officer Chase Carey, who had repeatedly told analysts and the media that it is not pursuing acquisitions.

“Let me be clear, we are done,” Carey said shortly after the company dropped its pursuit of Time Warner, adding that it would not seek out alternative acquisitions, pledging instead to focus on organic growth.

Fox had made an unsolicited $80 billion for Time Warner back in June, which Time Warner summarily rejected. In August, Fox formally withdrew its offer.

Recently Murdoch told Fox Business Network anchor Neil Cavuto that he decided to drop the Time Warner pursuit in part because he didn’t want to take on a massive amount of debt.

A Starz deal wouldn’t require a huge borrowing – while reports said a deal could be worth as much as $3.2 billion, some analysts value the premium service as high as $4.7 billion. Fox, which recently sold its interest in its European satellite ventures Sky Italia and Sky Deutschland to its other satellite holding -- British Sky Broadcasting – netting about $7.2 billion in cash after taxes, could finance a Starz deal internally.

But there are roadblocks to a combination, particularly Fox’s commitment to sell its movie studio output to Time Warner’s Home Box Office until 2022.   

The reports seem to suggest that Starz, which spun off from Liberty Media in 2013, is putting itself in play, which has pretty much been the case since its separation from Liberty. Back in 2012 Liberty chairman John Malone said that Starz would benefit from a post-spin off “big brother.”

While Starz has beefed up its original programming slate of late and is headed by former HBO chief Chris Albrecht  and has scored recent critical and ratings success with series like Outlander, Black Sails andPower.

Rupert Murdoch’s 21st Century Fox said Tuesday that it has withdrawn its bid for Time Warner, a move that sent the latter’s stock down more than 10% in after-hours trading Aug. 5.

“We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands,” Murdoch said in a statement. “Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling. Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders. These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer.”

Fox originally made an offer for Time Warner in June for $80 billion.  Time Warner said in July that it rejected the bid as too low. Fox’s latest comes the day before Time Warner is scheduled to report its second quarter results.

Time Warner management had argued in the past that it beloieved it would better serve shareholders as a standalone company. In a statement, the company seemed to reiterate that position.

"Time Warner’s Board and management team are committed to enhancing long-term value and we look forward to continuing to deliver substantial and sustainable returns for all stockholders," Time Warner said in a statement. "Time Warner is well positioned for success with our iconic assets, including the world’s leading premium television brand, the world’s strongest ad-supported cable network group, and the world’s largest film and television studio. We thank our stockholders for their continued support."

Time Warner stock fell about 10.9% ($9.38 per share) to $76.15 in after-hours trading Tuesday. The shares had been up significantly since it was revealed that Fox was interested in acquiring the company.

Some analysts had speculated that a Time Warner buy would help 21st Century more than its target. In the statement, Murdoch said Fox is healthier than ever.

“21st Century Fox’s future has never been brighter,” Murdoch said in the statement. “The strength of our leading franchises, combined with the power of our emerging growth businesses and the leadership positions of our international enterprises put us on a path for even greater success.”

Fox’s board of directors also authorized a $6 billion share repurchase program. The repurchase of an additional $6 billion of Class A Common Stock is expected to be completed in the next 12 months.

“This significant return of capital underscores the Company’s ongoing commitment to disciplined capital allocation and returning value to shareholders in a meaningful way,” Murdoch said in the statement.

As expected, 21st Century Fox said Friday that it would sell its interests in European satellite companies Sky Italia and Sky Deutschland to British Sky Broadcasting Group, in a deal valued at $9.3 billion, including a hefty cash component that could help fuel another bid for Time Warner Inc.

Analysts have expected Fox to sell the European assets to BSkyB, of which it owns 39% -- for months. With the deal, Fox also receives $8.6 billion in cash ($7.2 billion after taxes), money that could be used to beef up another bid for Time Warner. Fox had made an $80 billion offer for Time Warner in June, which was rejected as too low.

That deal involved about $35 per share in cash and $50 per share in non-voting Fox stock.

With the additional funds, Fox could theoretically increase the cash component by as much as $8 per share without having to increase its leverage ratio.

Time Warner shares were up slightly on the news – they rose 1% (96 cents each) to $84.97 each in early trading July 25.

Fox has been said to be fiercely protective of its investment grade debt rating.

In announcing the deal, Fox said it still intends to continue its previously announced share repurchase program. In a statement, Fox chairman and CEO Rupert Murdoch said that repurchase program will go on regardless of any other activity at the parent company.

"Our renewed authorization for our share buyback program will be executed regardless of any potential acquisition or investment activity by the company," Rupert Murdoch said in a statement. "21st Century Fox's number one priority is increasing shareholder value in a disciplined manner and, as a result, we will only consider transactions that fully support this objective."

In the end, Fox will transfer its 100% interest in Sky Italia and its 57.4% stake in Sky Deutschland to BSkyB. In return, Fox will receive the cash and will participate in a previously announced BSkyB equity offering, purchasing about $900 million in additional BSkyB shares to keep its stake at 39.1%. The deal will create a Pan-European satellite giant with about 20 million customers in Germany, Italy, Austria, the United Kingdom and Ireland.

"We have always believed that a combination of the European Skys would create enormous benefits for the combined business and for our shareholders," said Fox co-chief operating officer James Murdoch in a statement. "Ultimately, a pan-European Sky is good for customers, who will benefit from the accelerated technological innovation and enhanced customer experience made possible by a fully integrated business."