$80 billion is a lot of money to turn down — even when you're talking about two of the most giant of media giants.
The New York Times reported Wednesday morning that 21st Century Fox's $80 billion bid came in the past few weeks, with people close to the media giant saying, "[Murdoch] sees such a combination as a natural part of a consolidating entertainment industry."
Now, this doesn't mean a potential deal won't happen — the Times' sources suggest Murdoch isn't giving up that easy. And if it ever does go through, take a look a look at just how different the media landscape would be:
"This is CNN."
CNN would have to be sold.
That's because a Fox-Time Warner merger would put Fox News and CNN under the same ownership. Since the two directly compete, one would have to go. And it would be CNN under the terms of the current deal — which of course could change.
At a glance, here's what 21st Century Fox's menu would include: Fox, Fox News, FX, TNT, TBS, HBO and Cartoon Network; movie studios such as 20th Century Fox and Warner Bros.; and sports broadcasting rights including college basketball, the NBA and MLB. Yup, that's a lot.
The Huffington Post points out that Murdoch is "used to such rejection," but that hasn't stopped him in the past.
Case in point: In 2007, Murdoch's offer to purchase the The Wall Street Journal was rejected. He now owns the Journal.
And that's part of what makes the bid so fascinating to media watchers.
Murdoch, love him or hate him, has an almost mystical quality. We found these tweets pretty interesting — much of the reaction to the failed takeover centers around what's being described as an insatiable appetite. (Via Getty Images, Twitter)
The possible takeover has already had effects on the stock of both companies, with Bloomberg reporting Time Warner stocks jumped 20 percent to $85 and that Fox shares rose 1.2 percent to $35.60.
This comes on the heels of Murdoch reportedly having interest in purchasing Tribune Company newspapers such as the Chicago Tribune and Los Angeles Times. (Via The Poynter Institute)
In the talks for the possible merger, Fox has been advised by Goldman Sachs while Time Warner has been advised by Citigroup.
