Rupert Murdoch’s Twenty-First Century Fox decided to pull its $80 billion offer to buy Time Warner Inc on Tuesday, abandoning plans to create one of the world’s largest media conglomerates. The surprise announcement appeared to cut short what many investors had viewed as an inevitable battle of attrition over a deal that would have joined two of Hollywood’s biggest studios and TV networks from TNT to Fox News. Still, some investors wondered whether the move could be a shrewd effort to drive down the stock, prompting Murdoch to re-enter the fray later on. “This could easily be part of their negotiating strategy,” said Brett Harriss, an analyst with Gabelli & Co, who said Fox could still try again later.
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