I guess “A for effort?” Rupert Murdoch’s 21st Century Fox tried and failed to buy Time Warner, the parent company for Warner Bros. Time Warner confirmed the news today and released a statement:
“The board concluded that continuing to execute our strategic plan and our business plans will create significantly more value for the company and our shareholders and that that’s superior to any proposal that Fox is in a position to offer” Jeff Bewkes, chairman and CEO of Time Warner, said in a video response released earlier today.
This is really big news because if a deal of this magnitude were to occur it would reshape the entertainment world, let alone the comic book industry. Time Warner has many influential channels under its belt like, HBO, TNT, and TBS. If all of those subsidiaries were to merge under the Fox umbrella, it would create an unprecedented giant of a media conglomerate.
This rejection could also be attributed to Time Warner’s lack of faith in Fox’s future of television. Warner Bros is basking in the success of the CW’s Arrow and the buzz being generated for the upcoming Flash show. Fox on the other hand does not have a great track record when it comes to TV shows and with Gotham, Constantine, and iZombie being set to be released, Warner Bros doesn’t want to take any chances.
Looks like my Batman and Wolverine crossover will not be happening anytime soon, sigh.