Tuesday, October 6th9.0°C

Murdoch's Fox, bruised after Time Warner bid, says it will not pursue content companies

NEW YORK, N.Y. - Twenty-First Century Fox Inc. executives said Wednesday that the company won't try to buy any other big content companies, a day after it called off its pursuit of rival media giant Time Warner Inc.

Fox Chief Operating Officer Chase Carey said on a conference call with analysts that "we have no plans to pursue any other third-party content company as an alternative to Time Warner."

Upon being questioned whether all small acquisitions were out of the question, CEO Rupert Murdoch, responded, "If there was something very unique but small, I don't know, I wouldn't say never. But we have no plans to go out on the acquisition trail."

The owner of Fox News Channel and the 20th Century Fox movie studio ended its $76 billion bid for Time Warner Inc. after the New York company behind HBO and the Warner Bros. movie studio rejected its offer. Fox's stock had dropped, making a cash-and-stock deal more difficult. Instead, Fox offered $6 billion in share buybacks over the next 12 months.

Both the Time Warner and Fox CEOs said that the companies were big enough already. Fox executives said that Time Warner had represented a unique opportunity.

As for Time Warner: "We're not lacking something that we need," CEO Jeff Bewkes told analysts on an earlier conference call Wednesday.

Fox shares rose 4.1 per cent to $33.65 in after-hours trading Wednesday after reporting better-than-expected fourth-quarter earnings. They had gained 3.3 per cent to $32.33 in the regular session. The stock is still short of its close of $35.19 on July 15, the day before Fox made its initial bid for Time Warner public.

The New York-based company's net income in the three months to June 30 came to $999 million, or 45 cents per share, compared with a loss of $371 million, or 16 cents per share, in the same quarter a year ago.

Excluding one-time events, adjusted earnings came to 42 cents per share, beating the 38 cents expected by analysts polled by FactSet.

Revenue rose 17 per cent to $8.42 billion, also above the $7.99 billion expected by analysts.

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX13647.26+95.06
S&P CDNX538.69+8.78
S&P 5001979.92-7.13
CDN Dollar0.7682+0.001
Natural Gas2.457-0.013

Okanagan Companies
Pacific Safety0.21-0.01
QHR Technologies Inc1.25+0.03
Metalex Ventures0.05-0.01
Russel Metals23.31+0.80
Copper Mountain Mining0.56+0.06
Colorado Resources0.07-0.01
ReliaBrand Inc0.0031-0.0009
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.085-0.010
Decisive Dividend Corp3.06-0.43
Diamcor Mining0.90+0.00



20883412161 Campbell Place
4 bedrooms 2 baths
more details
Click here to feature your property
Please wait... loading

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

Living beyond 100

Photo: ContributedThere was a time most careers involved an apprenticeship of one sort another. Some official, others involving years of servitude, and others time simply spent watching and emulating ...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...



Member of BC Press Council