Breaking News: 21st Century Fox withdraws offer for Time Warner Los Angeles Times | August 5, 2014 | 1:26 PM 21st Century Fox Chief Executive Rupert Murdoch said today that his company was withdrawing its $80-billion bid for rival media company Time Warner. The media mogul said that combining the two companies would have been a “unique opportunity” but he wanted the bid to be friendly. Time Warner had dug in with its resistance, and Murdoch said he did not want to engage in a protracted and hostile battle