​In an unexpected setback for the media mogul, Rupert Murdoch and 21st Century Fox have withdrawn their $80 billion takeover offer for Time Warner.

“We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands,” Murdoch said Tuesday in a statement. “Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling.”

21st Century Fox is withdrawing the offer three weeks after it was first proposed.

Time Warner’s executives had already moved to protect the company from a takeover, even as Murdoch was expected to use cash from the sale of Sky Italia and Sky Deutschland to BSkyB to sweeten to up its bid for Time Warner.

Fox now says it will buy back $6 billion of its own shares in order to increase the value of the company.

Read More: Variety, The New York Times

Brief Take: Murdoch’s withdrawal is a stunning reversal for a hard-nosed businessman seen as dead-set on capturing Time Warner and creating a global content behemoth.

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