ValueAct takes $1 billion stake in 21st Century Fox-Reuters

Hedge fund ValueAct Capital LLC said it had taken a $1 billion stake in Rupert Murdoch-controlled film and TV company Twenty-First Century Fox Inc Fox withdrew its $80 billion bid to buy Time Warner Inc last week after being rebuffed by the owner of CNN, HBO and Warner Bros studios. Murdoch said he has no plans to pursue another company as an alternative, Reuters reported.

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