Google offers $60 billion to purchase Time Warner
Oct. 31, 2007
PALO ALTO, Calif. - Today Google Inc. offered a hostile takeover bid of $60 billion dollars to Time Warner Inc. (TWX). This purchase price is for all debt, cash and stocks.
After Microsoft and Yahoo! both had made offers to Time Warner, Google enters the arena with an offer "higher than it ought to be," says Paul Kim, Industry Analyst.
Google's CEO and Chair, Dr. Eric Schmidt says, "Google has a history of striking while the iron’s hot. We don’t wait around. We saw the need to add content production into our company. They are one of the largest content producers in the world. We are one of the largest content distributors in the world. It makes sense to add content production with content distribution. "
Schmidt says their plan is to keep Time Warner "largely in tact".
Richard D. Parsons, CEO of Time Warner, says, "We were surprised because there hasn’t been any discussions of this previously. We haven’t even looked at our options. It’ll take about a month for us to discuss this and do a thorough analysis."
Both CEOs of Yahoo! and Microsoft have no comment.
"The future of Time Warner, I think, is excellent," Kim says. "I don’t know why Time Warner would turn this down."
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