Time Warner chief executive officer Jeff Bewkes reaffirmed the company's rejection of 21st Century Fox's $80 billion offer for the company in a video distributed to employees and posted on its website.
Bewkes largely echoed what the company said in a press release this morning announcing that it had received and rejected Rupert Murdoch's offer. "I wanted to speak to you directly about the news you have been hearing this morning about our company," Bewkes said, noting the company's valuable businesses and brands, "it's not surprising that we might attract attention."
Time Warner's cable channels, including CNN and HBO, and its movie and TV production studios, makes it a juicy target for the ever-expanding Murdoch empire. Bewkes told his employees to ignore the Murdoch bid: "the best thing all of us can do is to stay focused on the great work you've been doing," Bewkes said.
"Our board of directors and our senior management team are deeply committed to carrying out proven strategy of producing the world's best storytelling." And at least in the early days of what could be a drawn out corporate battle, it's been Time Warner that's telling its story.
Matthew Zeitlin is a business reporter for BuzzFeed News and is based in New York. Zeitlin reports on Wall Street and big banks.
Contact Matthew Zeitlin at firstname.lastname@example.org.
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