21st Century Fox denies talks with Discovery Communications

21st Century Fox denies talks with Discovery Communications

According to a story that appeared in the Australian Financial Review, senior executives from Rupert Murdoch's 21st Century Fox and Discovery Communications met with an aim to talk about a tie-up that could be helpful to create a $100 billion movie, entertainment and sports giant.

When asked, 21st Century Fox completely denied the rumor and said that it was “categorically untrue”.

“Combining both companies would have been a dream proposal because the amount of content the combined company would have had would have been tremendous,” said Prince Alwaleed bin Talal, a shareholder in News Corp/21st Century Fox.

If a deal gets finalized, it could generate a media powerhouse, making over $US38 billion in annual revenue from the 21st Century Fox movie studios, the Fox broadcasting cable channel and Discovery properties like the Discovery Channel, Animal Planet and TLC.

Experts said that a deal can possibly affect a joint bid for local commercial free-to-air broadcaster Ten Network Holdings with Discovery and Foxtel. According to Australia’s Sydney Morning Herald, News Corp-backed Foxtel is already putting efforts on a 50/50 deal that aims to acquire Australia’s Ten Network.

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