A Fox-Time Warner deal would give Murdoch new heft in China

Rupert Murdoch's plan to buy Time Warner would help the Twenty-First Century Fox chairman make larger inroads in China, a fast-growing market that media moguls are finding hard to crack. Time Warner's board rejected Murdoch's $80 billion offer, but the Fox chairman is expected to continue the chase. A deal would create a giant with more than $37 billion a year in revenues in the United States and Canada. It would also nearly double the revenues Fox generates from the emerging media markets in Latin America and Asia/Pacific. ‘He sees 3 billion new consumers coming into the market and a rising middle class in China and India, and mobile devices and strong demand for content,’ said Mario Gabelli, the CEO of GAMCO Investors, in an interview, according to Reuters.