The blockbuster media merger of the summer is reportedly dead in the water. Rupert Murdoch's 21st Century Fox had offered $80 billion for rival Time Warner, a move that would have consolidated a number of major news, film, and television holdings. Today Murdoch announced the deal was off, stating that, "Time Warner management and its board refused to engage with us to explore an offer which was highly compelling."

Murdoch was reportedly very determined, and if the deal had gone through, Fox would have controlled the output of the Warner Bros. production and distribution business for TV shows and movies, the Turner TV portfolio (which includes NBA and MLB broadcast rights), and HBO. But investors reacted poorly to the plan, driving Fox's share price down to its lowest price in a year. "Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders," Murdoch said. The company announced it will buy back $6 billion in stock over the next 12 months, a move intended to help restore momentum to its shares.