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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