Rupert Murdoch is reportedly determined to do a deal and not walk away. A merger between the two behemoths could reshape the media landscape. Fred Katayama reports.
So crazy like a fox. Rupert Murdoch trying to outdo his peers again with a mega deal they could shake up the media industry. His 21 century fox and it made a bid for archrival Time Warner last month. New York Times put that off -- at eighty billion dollars but Time Warner reportedly said no saying it's better off being independent. The marriage of two behemoths would housed under one roof broadcast and cable TV networks like fox B -- B and T and T. Film studios twentieth century fox and Warner Bros. and coverage of various sports. It would both 65 billion dollars in revenue. To appease regulators the times says fox would sell CNN. That the spark a bidding war for the pioneering news channel. RBC analyst David bank said it's not ideal either side have to do. But there are things about that makes sense synergies of studio's content costs affiliate fees and combination of sports franchises. The report says fox and offered 85 dollars in stock and cash. Investors quickly -- Time Warner's stock. Up to near that level at the start of trade indicating CEO Jeff Bewkes could face intense pressure from shareholders to do a deal. What this deal happen it could reshape the media landscape which is already seen recently announced deals uniting AT&T and DirecTV. And Comcast and the unit Time Warner spun off Time Warner Cable. The times says Murdoch is determined now by Time Warner. Rupert is shown in the past he gets what he wants and is determined to pay up again.