Time Warner concerned about Murdoch's succession plan, governance - source

Wed Jul 16, 2014 11:45pm IST

A woman walks past the Time Warner Center near Columbus Circle in Manhattan, New York July 16, 2014. REUTERS/Adrees Latif

A woman walks past the Time Warner Center near Columbus Circle in Manhattan, New York July 16, 2014.

Credit: Reuters/Adrees Latif

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(Reuters) - Time Warner Inc's management rebuffed Fox's recent takeover approach partly due to concerns over the company's corporate governance and the succession plan of its chairman and Chief Executive Officer Rupert Murdoch, a source familiar with the matter said.

The company also said on Wednesday that there was "significant risk and uncertainty" over the valuation of Fox's non-voting stock, which would have been used in the stock portion of the deal.

(Reporting by Liana B. Baker; Editing by Chris Reese)

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