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Rupert Murdoch FoxRupert Murdoch tries to buy Time Warner but it is a “no-go.”Twenty-First Century Fox is in the middle of a reorganization of its television business as the network seeks to lift itself out of last place among the big U.S. broadcasters. Rupert Murdoch’s 21st Century Fox Inc. said on Wednesday it had offered to buy Time Warner Inc., a move that would unite two of the world’s most powerful media conglomerates, but Time Warner rebuffed its offer. The offer, first reported by The New York Times, consisted of 60 percent in stock and the rest in cash. The $80 billion deal was rejected Fox currently estimates that a combined company would save $1 billion in costs and possibly more, primarily by cutting sales staff and back-office functions, people familiar with the matter said.

The combined company’s revenue would be more than $60 billion.

About Rupert Murdoch

Keith Rupert Murdoch, AC, KCSG is an Australian American business magnate. Murdoch became managing director of Australia’s News Limited, inherited from his father, in 1952

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