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Fox withdraws takeover bid for Time Warner

21st Century Fox has withdrawn its proposal to acquire Time Warner. CEO Rupert Murdoch said Time Warner refused to negotiate, while the proposed bid also depressed the Fox share price. While he still supports the "strategic merit and compelling financial rationale" of the merger, the company decided to wthdraw after the rejection from Time Warner and impact on its share price. In addition, Fox announced plans for a USD 6 billion share repurchase programme, to be completed in the next 12 months.