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Rupert Murdoch
Media tycoon Rupert Murdoch said Tuesday his 21st Century Fox group had withdrawn its bid for Time Warner Cheap Adidas Ultra Boost 4.0 UK , a massive offer which could have shaken up the media-entertainment world.

Worth an estimated $80 billion, the offer was taken off the table after Time Warner "refused to engage with us" and the news hurt the share price of 21st Century Fox, Murdoch said.

"The reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders," he said, in a statement.

"These factors Adidas Ultra Boost 4.0 UK Sale , coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer."

Murdoch said he made the decision even though the deal "had significant strategic merit and compelling financial rationale and our approach had always been friendly."

The statement said the board authorized a $6 billion share repurchase program after withdrawing the offer.

The bid unveiled by 21st Century Fox in July would have merged two of the world's biggest media-entertainment empires.

It would combine the storied Hollywood studios of Time Warner and 20th Century Fox, and join Time Warner's big cable channels such as HBO and TBS to Murdoch's Fox sports, news and entertainment channels.

A source familiar with the talks told AFP last month that Murdoch's group wanted to buy Time Warner and then spin off CNN, which is the cable news rival to his Fox News Channel.

Time Warner said at the time it had rejected the offer and would not pursue talks.

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JOHANNESBURG, Dec. 14 (Xinhua) -- Following are the leading final round scores on Sunday in the European Tour's Alfred Dunhill Championship played at the par-72 Leopard Creek Golf Course in Malelane of South Africa:

268 - Branden Grace (South Africa) 62-66-72-68

275 - Louis Oosthuizen (South Africa) 69-69-68-69

277 - Andrew Johnston (England) 69-67-68-73

278 - Trevor Fisher (South Africa) 73-67-69-69, Danny Willett (England) 66-69-67-76

279 - Francesco Molinari (Italy) 68-65-70-76 Adidas ACE 16+ PureControl Ultra Boost Men's White UK , David Drysdale (Scotland) 71-68-71-69

280 - Thomas Pieters (Belgium) 71-71-68-70, Tjaart Van der Walt (South Africa) 67-67-75-71, Shaun Norris (South Africa) 68-67-73-72

281 - Pedro Oriol (Spain) 70-72-74-65, Justin Harding (South Africa) 71-70-70-70, Richard Sterne (South Africa) 71-71-67-72

282 - Espen Kofstad (Norway) 70-72-71-69 Adidas Ultra Boost Women's Pink Grey UK , Daniel Brooks (England) 70-72-71-69

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