Rupert Murdoch Won't Be Buying Chicago Tribune or L.A. Times

Rupert Murdoch Won't Be Buying Chicago Tribune or L.A. Times

Media mogul cites “cross-ownership laws from another age”

Looks like there are a couple more companies that Rupert Murdoch won't be buying.

Fresh off the news that Time Warner rejected an $80 billion takeover bid from Murdoch's 21st Century Fox, Murdoch said Thursday that he won't be purchasing either the Chicago Tribune or Los Angeles Times.

Also read: How Much More Will Rupert Murdoch Have to Pay to Get Time Warner?

Murdoch cited “cross-ownership laws from another age” via his Twitter account.

“Sorry can't buy Trib group or LA Times – cross-ownership laws from another age still in place,” Murdoch wrote.

21st Century Fox revealed earlier this week that it had made a bid to take over Time Warner, but the latter rejected the offer.

Also read: Fox News’ Shepard Smith Mocks CNN During Report on Failed Rupert Murdoch Acquisition

“21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies,” the company said in a statement. “The Time Warner Board of Directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.”