Boston, MA 09/10/2014 (wallstreetpr) – According to recently published reports, Twenty-First Century Fox Inc (NASDAQ:FOXA) announced that it was not interested in reviving the British Sky Broadcasting Group Plc bid. The decision came after it withdrew its offer to buy Time Warner Inc (NYSE:TWX) recently.
Management’s Call:
According to Chase Carey, Chief Operating Officer Twenty-First Century Fox Inc (NASDAQ:FOXA), “Right now we don’t pursue any plans to acquire any company.” Carey made this announcement during his address speech at the conference of Royal Television Society.
Road So Far:
As per the information revealed by the company, Twenty-First Century Fox Inc (NASDAQ:FOXA) has 39% stake in BSkyB. Recently BSkyB agreed to buy 57% stake of Sky Deutschland from FOXA in the months of July for more than $9 billion. The firm also agreed to buy Sky Italia at the same time, which was an evidence of Rupert Murdoch’ long-term aspiration to unite Sky Assets in Europe. Carey said that he wouldn’t try to take full control on the company. He said during an event, “The sale of Sky Italia and Sky Deutschland give us an excellent opportunity to bring all the Sky assets under one umbrella.” He further added that the only objective that FOXA had was to invest in Europe and make a quality content available for a wide audience. He also revealed his ambition to make FOXA bigger, better and stronger in the coming months.
At the same time when Twenty-First Century Fox Inc (NASDAQ:FOXA) was trying hard to sell its European units to BSkyB, it was also trying to buy well-known entertainment company Time Warner Inc (NYSE:TWX). In this event, FOXA made an offer of $75 billion to TWX that it rejected saying it was too low for a company to think about going ahead. It made Murdoch to withdraw its offer eventually. After this announcement BSkyB rose 1.5 pence and touched 884 pence mark in London, while FOXA witnessed 7 cents downfall and touched $35.88 in Nasdaq Stock Market.
