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Tags: Fox | BSkyB | Time Warner | TV

Fox Has No Plans to Revive BSkyB Bid After Time Warner Talks End

Tuesday, 09 September 2014 09:41 AM

21st Century Fox Inc. said it isn’t coming back for the stake in British Sky Broadcasting Group Plc it doesn’t already own after withdrawing an offer to buy Time Warner Inc.

“We don’t have an acquisitions list,” Fox Chief Operating Officer Chase Carey said at the Royal Television Society’s conference in London Tuesday.

BSkyB, which is 39 percent owned by Fox, agreed to buy Sky Italia and a 57.4 percent stake in Sky Deutschland from Fox in July for more than $9 billion. While the consolidation fulfills Fox Chief Executive Officer Rupert Murdoch’s longtime ambition of uniting the Sky assets in Europe, Carey said the company won’t try to take full control.

“The sale of Sky Deutschland and Sky Italia gives us a unique opportunity to bring the Skys under one umbrella,” Carey said. “In the U.K., we want to invest more and provide a platform for content to reach a wider audience. We want to get bigger, stronger and better.”

As Fox was working on a deal to sell its European units to BSkyB, it was also attempting to buy New York-based entertainment company Time Warner Inc. Murdoch ultimately withdrew his unsolicited $75 billion offer, which Time Warner rejected as too low.

Murdoch previously tried to buy BSkyB in 2011. Those acquisition talks fell through following a scandal at his U.K. newspaper business where reporters were caught hacking into subjects’ phones, making the 7.8 billion pound ($12.6 billion) deal politically unpopular.

© Copyright 2021 Bloomberg News. All rights reserved.


Finance
21st Century Fox said it isn't coming back for the stake in British Sky Broadcasting Group it doesn't already own after withdrawing an offer to buy Time Warner.
Fox, BSkyB, Time Warner, TV
242
2014-41-09
Tuesday, 09 September 2014 09:41 AM
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