Cable TV

Fox withdraws Time-Warner acquisition bid

BENGALURU:  Twenty-First Century Fox (Fox) withdrew its proposal to acquire Time Warner Inc.  Excerpts of the Fox press release – chairman and CEO Rupert Murdoch commented: “We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands.  Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly.  However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling. Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders.  These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer.”

 

“21st Century Fox’s future has never been brighter.  The strength of our leading franchises, combined with the power of our emerging growth businesses and the leadership positions of our international enterprises put us on a path for even greater success.”

 

The Board today authorised a USD 6 billion share repurchase programme. The repurchase of an additional USD 6 billion of Class A Common Stock is expected to be completed in the next 12 months. 

 

Murdoch continued, “This significant return of capital underscores the Company’s ongoing commitment to disciplined capital allocation and returning value to shareholders in a meaningful way.”

 

Time Warner responded with a press release. Excerpts of Time Warner’s statement regarding the announcement by Twenty-First Century Fox that it has withdrawn its proposal to acquire all of the outstanding shares of Time Warner.

 

“Time Warner’s Board and management team are committed to enhancing long-term value and we look forward to continuing to deliver substantial and sustainable returns for all stockholders.  Time Warner is well positioned for success with our iconic assets, including the world’s leading premium television brand, the world’s strongest ad-supported cable network group, and the world’s largest film and television studio.  We thank our stockholders for their continued support. Citigroup Global Markets Inc. is acting as financial advisor to Time Warner. Cravath, Swaine & Moore LLP is acting as legal advisor to Time Warner.”

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/24/DEN.jpg?itok=Kqo28Vv2
DEN seeks Goldman Sachs investment nod from shareholders

MUMBAI: Leading Indian multisystem cable TV operator (MSO) DEN Networks –promoted by Sameer Manchanda- which got its board’s nod to issue another 1.58 crore shares at a price of Rs 90 per share to existing investor Goldman Sachs is now seeking shareholder approval for the same through an...

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/24/NXT%20Digital.jpg?itok=4KdV17QU
NXT Digital-InCable merger gets shareholder nod; D’Silva bemoans lack of ecosystem support

MUMBAI: Hinduja Ventures Ltd’s (HVL’s) proposal to demerge its NXT Digital headend in the sky (HITS) business from its subsidiary Grant Investrade Ltd (GIL) and merge it into its cable TV MSO offshoot Indusind Media & Communications Ltd (IMCL) got the thumbs up from its shareholders at its...

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/22/Untitled-1_5.jpg?itok=b8xSNAmA
Comcast to launch wireless service using Verizon

Here is good news for all Comcast subscribers. The US cable giant’s chief executive Brian Roberts has announced the launch of a wireless service by mid-2017. It plans to create a service that would run on its 15 million WiFi hotspots and use Verizon's wireless network through a deal struck in 2011...

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/21/flash-1_0.jpg?itok=tcRctWm1
Hathway Bhawani CEO Samson Jesudas quits

Hathway Bhawani Cabletel & Datacom managing director and chief executive officer Samson Jesudas has put resigned. The company today informed the Bombay Stock Exchange (BSE) that Jesudas has tendered his resignation with effect from 21 September. Hathway Bhawani is a joint venture between...

Cable TV People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/21/BROADBAND-2.jpg?itok=5lXJDTd5
Den Networks consolidated cable, broadband numbers up in Q1-17

Indian multi system operator (MSO) Den Networks Ltd (Den) Cable business segment consolidated total revenue post activation increased 9 percent in in the quarter ended 30 June 2016 (Q1-17, current quarter) to Rs 251 crore from Rs 230 crore in Q1-16. Pre-activation revenue in the current quarter...

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/21/Untitled-2.jpg?itok=K-HibgCf
Goldman Sachs to up stake in cable TV MSO DEN Networks; to invest Rs 142.43 crore

MSO DEN Networks has proved the naysayers - who have been carping that the Indian cable TV sector is as insipid as dry sawdust - wrong. The company’s existing shareholder Goldman Sachs is picking up 1.58 crore equity shares at a price of Rs 90 per share via a preferential allotment.

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/20/Untitled-1_27.jpg?itok=49udopX_
Newsy expands to Cable via Fioptics

Scripps’ subsidiary Newsy is now available to the cable television audiences through a partnership with Cincinnati Bell’s Fioptics. The over-the-top news network will feature news live.

Cable TV Local Cable Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/19/Untitled-1_19.jpg?itok=nhg5LIpt
Shareholders to meet on 15 Oct for Hathway demerger approval

The court has convened meeting of Hathway Cable and Datacom Ltd equity shareholders and Hathway Broadband Private Limited and their respective shareholders and creditors on 15 October, 2016, in Mumbai.

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/16/Untitled-1_19.jpg?itok=pa4023gZ
Pay-TV in vital stage; service providers must innovate: Study

Pay-TV has entered a period of significant change. Competition is set to increase dramatically, and, in order to grow, service providers will have to innovate strongly.

Cable TV Multi System Operators

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories