Rupert Murdoch's 21st Century Fox has withdrawn its bid to purchase US entertainment giant Time Warner Inc for an estimated $80bn (£47bn).
Time Warner rejected Fox's initial offer in July.
The company wrote in a statement that Time Warner had "refused to engage with us to explore an offer which was highly compelling".
It added that the reaction in the company's share price since the proposal was unveiled undervalues Fox.
Shares in Time Warner plunged over 11% in after-hours trading after news of the withdrawal was announced.
As part of the announcement, Fox said it would authorise a $6bn share repurchase programme.
That pleased investors, who sent shares in the firm up over 6% in trading after markets were closed.
Fox's share price had declined by 11% since news of the takeover was announced.
Tuesday, 5 August 2014
Murdoch runs out of Time.
Story thanks to BBC Online: