First, 21st Century Fox was in danger of squashing its own share price if it had tried to improve its plainly inadequate $80bn (£47bn) bid. Second, Warner boss Jeff Bewkes had said he viewed non-voting shares in Fox as an unacceptable second-class currency; in effect, he was asking Murdoch to surrender family control of Fox, which was always going to be a deal-killer for the 83-year-old titan.
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