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)
Trending On Reuters
Apple Inc on Friday ended its worst week on the stock market since 2013 as worries festered about a slowdown in iPhone sales and after influential shareholder Carl Icahn revealed he sold his entire stake. Full Article