Time Warner just saved us from having 20 more FX channels. Rupert Murdoch’s media empire Twenty-First Century Fox made an $80 billion bid to buy Time Warner within the last few weeks and create a “corporate super-monster,” but the offer was rejected scoops the New York Times.
The proposed mega-media company would have a combined revenue of $65 billion and bring several high-profile entertainment channels, such as FX, TNT, HBO, and other huge publishing, movie and tech outlets (i.e. Twentieth Century Fox studios, HarperCollins, and Warner Bros.) under one roof. Also, Murdoch said he would sell off CNN to “head off potential antitrust concerns” since it doesn’t play nice with Fox News.
There would also be a ton of layoffs, too. Fox estimated that the two companies could save $1 billion in cutting sales staffs and other back-office positions. The Time Warner board reportedly mulled the proposal “at length,” but decided to remain independent.
Representatives from both companies didn’t return the Times’ request for comment.