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.
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.
“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.”
Sorry can't buy Trib group or LA Times – cross-ownership laws from another age still in place.
– Rupert Murdoch (@rupertmurdoch) July 18, 2014