Time Warner and 21st Century Fox are miles apart on Rupert Murdoch’s reported $80 billion takeover bid for his rival media empire, according to various reports. These two anonymous quotes, presumably from different sides of the spurned deal, in a Wednesday night Reuters article sum up why.
One source said a combination would be "a chance to put some great programming and content assets under one umbrella," adding, "There are other alternatives, but none of them fit anywhere near as well as this does."
Said another source: "To do a merger of this scale and size where Time Warner shareholders have no insight into the destiny of the company is very troubling."
The deal would put two of the major Hollywood studios under the same ownership. However, Murdoch would likely have to spin off Time Warner’s CNN if a combination were to take place, according to the Atlanta Journal-Constitution. Music holdings would also not be a major component of a takeover.
Time Warner CEO Jeff Bewkes recorded a video for employees on Wednesday to explain that his company’s business plan creates more value than a 21st Century Fox takeover.
Six other things to know Thursday morning:
- Microsoft is expected to announce the largest round of layoffs in its history on Thursday. The job cuts are expected to affect the former Nokia unit, which the company acquired earlier this year. Update: Microsoft said Thursday morning that it will eliminate in the next year.
- General Motors CEO Mary Barra will make her fourth trip to Capitol Hill to testify in front of Congress on Thursday. At this point, legislators have turned their attention from defects in GM cars to why the automaker wasn't more forthcoming with customers about the issue.
- Former White House Press Secretary Jay Carney hasn’t decided where he’ll work next, but he is set to make substantial money from paid speeches. The former Time journalist signed with Washington Speakers Bureau earlier this month, which could yield him about $100,000 per appearance.
- Civil rights organizations are teaming up to demand Twitter release data about the ethnic and demographic makeup of its workforce. Other tech-sector giants such as Yahoo and Facebook have done so, reporting little diversity both in terms of gender and race.
- EBay’s second-quarter earnings were up 6% and its revenue jumped 13% despite a major security breach in the period. However, the earnings fell short of analysts’ estimates.
- German outlet Manager Magazin reported Thursday that Volkswagen is holding talks with the owners of Fiat about an acquisition, citing anonymous sources.
This story was updated on Thursday morning with more information about the Microsoft layoffs.