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21st Century Fox Withdraws Proposal to Purchase Time Warner Inc.

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In this Nov. 7, 2007 file photo, people walk by the Time Warner Center in New York. Time Warner Inc. on Wednesday, July 16, 2014 said it has rejected a takeover bid from Twenty-First Century Fox and says it has no interest in further discussions with Rupert Murdoch's media entertainment giant. (AP Photo/Diane Bondareff, File)

NEW YORK (AP) — Twenty-First Century Fox is abandoning its attempt to take over Time Warner in a proposed deal that would have combined two of the world's biggest media companies.

The about-face announced Tuesday comes three weeks after Time Warner Inc. revealed that it had rejected 21st Century Fox's unsolicited $76 billion buyout offer.

FILE - In this Nov. 7, 2007 file photo, people walk by the Time Warner Center in New York. (AP Photo/Diane Bondareff, File)

Besides that rebuff, 21st Century Fox CEO Rupert Murdoch cited a decline in his New York company's stock price as one of the reasons for ending the pursuit of Time Warner.

With the proposed deal off the table, 21st Century Fox's board approved a plan to spend $6 billion buying back the company's stock during the next year.

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