Media stocks rise on Murdoch's Time Warner offer
Show Caption
Hide Caption
Michael Wolff talks Murdoch deal
Media columnist Michael Wolff talks about his time with Murdoch while writing the biography 'The Man Who Owns the News,' and what’s going on behind the scenes of a potential Time Warner deal.
Media stocks rose Wednesday on news that Time Warner had rebuffed an offer of $85 per share in cash and stock from Rupert Murdoch's 21st Century Fox. The deal was valued at more than $80 billion.
Time Warner shares (ticker: TWX) ended up 17.1% for the trading day, to $83.13.
Other media stocks saw mostly increases as well:
• Viacom (VIAB), up 3.4%
• Comcast (CMCS.A), up 0.3%.
• Time Warner Cable (TWC), fractionally (0.02%) lower.
• Gannett (GCI), publisher of Paste BN, up 0.6%.
• CBS (CBS), up 2.3%.