Media mogul Rupert Murdoch scotched his quest to acquire Time Warner Aug. 5 on the same day the New York Times reported unexpected opposition from TW management and questions about Murdoch's 41-year-old son James' ability to run the combined entity.
The Times also noted the liberal leanings of TW and its executives stand in sharp contrast to Murdoch's people
In a note to TW CEO Jeff Bewkes, Murdoch, 83, wrote: "on behalf of our board and senior management team. I am writing to inform you that we are withdrawing our offer to acquire Time Warner, effective immediately."
Murdoch's 21st Century Fox floated the $75B deal, which would have combined the two biggest movie and TV studios and presented a challenge to Disney's ESPN on the sports TV programming front.
In a statement, Murdoch blamed TW management and board for refusing to explore his $85 per-share offer.
"Additionally, the reaction to our stock price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders," he wrote.
Murdoch, putting a spin on his defeat, said his 21st Century Fox unit faces a bright future with the leadership, franchise and emerging growth businesses to fuel future growth.