21st Century Fox is trying to buy Time Warner for $80 billion — but the main target could be HBO

Could Fox News and CNN have the same owner? No, but close. 21 Century Fox has confirmed reports (first published by the New York Times) that it made an $80 billion bid for fellow media conglomerate Time Warner — and was turned down, for now. Curiously, this comes just as Comcast is trying to swallow Time Warner Cable, but those two similarly-named companies are no longer directly connected. Time Warner (also no longer related to AOL, which owns this website) recently ditched its Time Inc. magazine properties, and consists of three parts: HBO, Turner and Warner Bros. According to the reports, Fox would sell CNN as part of the buyout to avoid regulatory hurdles caused by owning both large news networks, but as analyst Porter Bibb pointed out on Bloomberg TV, this would give it access to HBO, which he called “the only Netflix fighter left.”

[Image credit: Helen Sloan/courtesy of HBO]

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Article source: http://www.engadget.com/2014/07/16/fox-tried-to-buy-time-warner/?ncid=rss_truncated

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