That was abrupt: 21st Century Fox today withdrew its long-discussed bid to acquire a controlling interest in Time Warner Entertainment, a megamerger that would have made the resulting entity so big even noted takeover artist John Malone said the deal “just raises all kinds of consolidation, monopsony, and market power issues" at his company Liberty Media's annual meeting on Monday.
More than that, Time Warner itself rebuffed the bid yesterday, causing speculation that Fox would press its attack throughout this week.
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