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Media Magnate Murdoch Abandons Time Warner Takeover Bid

Media magnate Rupert Murdoch's 21st Century Fox is abandoning its attempt to acquire U.S. media giant Time Warner. The announcement Tuesday comes three weeks after Time Warner rebuffed 21st Century Fox's $80 billion offer to take over its movie studio, the popular movie channel HBO, Turner cable entertainment ventures and CNN, a worldwide news channel. Murdoch already controls movie studio 21st Century Fox, the widely watched Fox television channels and prominent business...

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