Posted 4:45 p.m. MST, March 7, 2007
Google Makes Offer to Buy Time Warner
PALO ALTO, California – Today Google Inc. (charts) made a $50 billion hostile takeover bid to Time Warner Inc. (charts).
"This is a great opportunity," commented Eric Schmidt, CEO and chairman of Google. Google claims its offer is more than the estimated value of Time Warner. Schmidt also said that with this merger they want to make Time Warner and Google the merger AOL and Time Warner should have been.
Richard D. Parsons, CEO of Time Warner had no comment on whether or not Time Warner was interested. He did say that the offer was unexpected and that they are "taking this offer seriously."
The $50 billion will be broken up into $35 billion in stocks and $10 billion in cash. The rest of the $5 billion would cover Time Warner’s debt. Parsons said that the offer will be available for 30 days and that a decision will be made within that time.
Michael Powel, Chairman of the Federal Communications Commission said that right now there is no reason to look into this offer. "It’s tough to say what would constitute as a monopoly," said Powel. "I’m hesitant to say yes."
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1 comment:
Well done. You used all of the right tags correctly and gave a lot of information. some minor grammar mistaked but good
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