21st Century Fox withdraws bid for Time Warner

Media giant 21st Century Fox said Tuesday that it has withdrawn its bid to buy rival Time Warner.

Fox Chairman Rupert Murdoch had pitched the deal last month as a way to boost Fox revenue and its bargaining leverage against cable companies for its content — only to see his company's share price tumble on investor worries, according to USA Today.

The bid also was rejected by Time Warner, which argued it was better off alone.

Last month, Fox offered roughly $80 billion for Time Warner.

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