According to a Time Warner press release, “there is significant risk and uncertainty as to the valuation of Twenty-First Century Fox’s non-voting stock and Twenty-First Century Fox’s ability to govern and manage a combination of the size and scale of Twenty-First Century Fox and Time Warner.”
And, “there are considerable strategic, operational, and regulatory risks to executing a combination with Twenty-First Century Fox.”
Time Warner also said that under their strategic plan the company has delivered a total shareholder return of more than 150% since 2008, and that the value of the company’s portfolio of networks, film studio, and television production business is “only going to increase.”