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Fox: No more pursuits of content companies

Published on NewsOK Modified: August 6, 2014 at 5:26 pm •  Published: August 6, 2014
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NEW YORK (AP) — 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.

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