Rupert Murdoch's American multinational mass media corporation 21st century Fox has abandoned its attempt to take over the U.S. entertainment giant Time Warner for an estimated 80 billion dollars.
According to the BBC, 21st Century Fox wrote in a statement that Time Warner had however rejected their offer in July.
After the news of the takeover, Fox's share price came down by 11 percent while share in Time Warner declined by more than 11 percent.
Time Warner said that they were looking forward to enhance long-term value and sufficient returns for their stockholders.
21st Century Fox and Time Warner are set to report their second-quarter profits on Wednesday.
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