The names in this potential mega-merger say it all: it’s about legacy. Twenty First Century Fox – $79bn in market value – has had talks with Time Warner – $63bn – to combine as a media goliath encompassing entertainment, film and sport, valued at $142bn. Some news, in the form of Time Warner’s underperforming channel CNN, would probably have to go to assuage regulators.
Time Warner has rejected the bid, partly because of the offer of non-voting stock from Fox. Yet Rupert Murdoch, chairman of Fox and
83 years old, may not give up easily. He plans to assure his company’s survival for the next century – including against a competitor that has yet really to trouble it: Google.
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