As media hot-shots prepare for their annual so-called "summer camp," there are rumors that a major deal might be in the works.
Every year the heads of media and tech companies meet at Allen & Co.’s annual media conference in Idaho's Sun Valley. (Via Getty Images)
This year, all eyes will be on Twenty-First Century Fox CEO Rupert Murdoch, who reportedly is looking to purchase a big content company. One of the companies at the center of this speculation? Time Warner. (Via Getty Images)
Time Warner properties include CNN as well as Warner Bros., literally dozens of cable channels and even HBO, something Murdoch is said to have had his eye on for a while.
But it would cost Murdoch a pretty penny. Time Warner's market value is estimated at about $62 billion. (Via Getty Images)
The possibility of a such a major deal has gotten some media watchers worked up, alarmed at the level of media consolidation the deal poses.
A Hufffington Post writer said, "The company that would be formed by the combination of Murdoch's empire and Time Warner's holdings would be bigger than big. It would be a mega-colossus, a giant of almost unimaginable proportions."
CNN's Brian Stelter took it even further. “I will eat my remote control — in fact, I will eat my copy of the New York Post — if Murdoch becomes the owner of CNN.”
Speculation aside, Murdoch has already sunk real money to the tune of $70 million into Vice Media, the magazine-turned-news-documentary heavyweight with a knack for drawing in millennials.
Analysts say that buy was likely an appeal to a younger crowd and also showed Murdoch's intention for global expansion. (Via The Daily Best)
And this year he bought Harlequin Enterprisesfor $415 million. The company specializes in steamy romance novels ... analysts might not know what to say about that one.
Time Warner hasn't commented on the rumor. Neither has Murdoch's News Corp. So, we'll just have to wait and see what comes of this media mogul summer camp that starts Tuesday.
