One bit of good media news this week: Rupert Murdoch is not going to buy Time Warner and destroy what little media diversity we still have left. At least not yet.
A merger of Murdoch’s 21st Century Fox and Time Warner would have “created a colossus that loomed over the industry, combining the two biggest movie and television studios in Hollywood,” writes Sydney Ember of The New York Times.
But in a rare rejection for Murdoch, the media mogul was forced to withdraw his $80 billion bid for Time Warner. His failure might have been due less to Time Warner’s objection to the attempted hostile takeover than to his own non-voting shareholders, who, Ember says, “have been driving down the price of 21st Century Fox’s stock since news of the offer broke, fearing he would overpay to secure victory.”
Either way, the slap-down of the father of Fox News is good for creative and political freedom—for, say, Bill Maher and John Oliver, whose shows on Time Warner’s HBO might not have survived. It’s maybe not so good for Jon Stewart, who’s been running a fake Kickstarter campaign to buy CNN—to save it from both Rupert and its own mediocrity.
It’s good for media competition. “Diversity of ownership, diversity of opinion is so vitally important to this democracy,” Times columnist and CNBC contributor James Stewart said, noting that a Murdoch-owned Time Warner would have reduced “control of the major Hollywood studios to five owners, from six, and major television producers to four, from five.” (In 1983, he adds, “50 companies owned 90 percent of the media consumed by Americans. By 2012, just six companies—including Fox (then part of News Corporation) and Time Warner—controlled that 90 percent…”
And rebuking Rupert is good for the earth. In an interesting bit of speculation, Chris Mooney finds that one reason English-speaking countries are among the biggest climate deniers out of twenty nations, according to a new study, is that they are home to Murdoch’s media empire.