Rupert Murdoch’s Twenty-First Century Fox Inc. held preliminary takeover talks with Discovery Communications Inc. with a view to creating a $100 billion entertainment giant, the Australian Financial Review reported yesterday.
Fox, which like other broadcasters is battling a shift to on-demand TV, denied there had been any talks with Discovery, which owns Animal Planet and the Discovery Channel.
The AFR reported senior executives from both companies met about two weeks ago to discuss a potential takeover bid, citing unnamed sources close to the situation.
The discussions were ‘nascent’, and there was no guarantee that a formal offer would be made or that discussions have continued, it said.
Discovery declined to comment on the report.