Twenty-First Century Fox has dropped its $80 billion bid for Time Warner. Fox Chair and Chief Executive Rupert Murdoch said, “Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling.”

Ironically, Fox’s shares rose 8% in after hours trading, while Time Warner’s fell 11% after the announcement was made.

What will Rupert Murdoch do next? Stay tuned.

photo credit: david_shankbone via photopin cc

Correction: Rupert Murdoch was originally misnamed as "Richard."