Murdoch Pulled Time Warner Bid Because of Debt

Media mogul Rupert Murdoch told his own Fox Business Network Thursday that he dropped his pursuit of Time Warner Inc., mainly over concerns the deal would require his 21st Century Fox to take on a massive debt load.

Fox revealed back in July that it had made an unsolicited $80 billion cash and debt offer for Time Warner a month earlier, an overture that was quickly rebuffed by the media conglomerate as too low. Fox officially dropped its pursuit of the company in August.

“I just felt with all the uncertainties in the world I didn't want to be carrying that degree of debt,” Murdoch told Fox Business Network anchor Neil Cavuto.

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