News Corp. boss Rupert Murdoch told Fox Business Network that he abandoned his bid for Time Warner over concerns about the massive debt load it would create, reports Multichannel News.

In July, Murdoch’s 21st Century Fox disclosed it had made an unsolicited $80 billion offer for Time Warner. After Time Warner rebuffed the bid, Fox dropped its quest in August.

“I just felt with all the uncertainties in the world I didn’t want to be carrying that degree of debt,” Murdoch told Fox Business Network anchor Neil Cavuto.

The mogul told Cavuto that he wouldn’t revisit an offer, adding, “Certainly not in a hostile way.”

Rupert Murdoch