Rupert Murdoch has told his own Fox Business Network that he dropped his pursuit of Time Warner over concerns the deal would require his 21st Century Fox to take on too much debt load.
Fox made an unsolicited $80 billion bid for Time Warner in July, the bid was rejected and dropped a month later.
“I just felt with all the uncertainties in the world I didn’t want to be carrying that degree of debt,” Murdoch told Fox Business Network. The deal was expected to include about $30 billion in debt.
Murdoch reiterated that he would not revisit the Time Warner pursuit: “Certainly not in a hostile way.” Murdoch said.