Former Time Warner Chief Executive Gerald “Jerry” Levin, who presided over the company when it bought AOL, tells Mike Fleming Jr. at Deadline.com that he believes Rupert Murdoch’s bid for the company will ultimately fail.
Asked whether he would wager on Murdoch’s 21st Century Fox winning in its takeover efforts, Levin said, “I don’t think so. I think there are too many impediments, even though Rupert usually gets what he wants. I do think there is another shoe to drop.”
He added, “At this point, because of the Wall Street dynamics, Time Warner is in play. The logic would suggest that something is going to happen.” But as for Fox, he said he didn’t think it would be successful in its bid, and that if it were, “it would be unfortunate.”
Levin also frowned on Murdoch’s vision that merging the two companies will create a strategic match.
“It provides great theater; everybody gets excited when there are large transactions in the offing with iconic brands. But the fact is, it makes no sense, culturally or creatively. It’s not good for movies, and television, and storytelling,” Levin added. “All it is is a financial construct that gets Wall Street going with valuations.”