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Ruppert Murdoch, chairman and CEO of News Corporation, attends the e-G8 meeting gathering Internet and information technologies leaders and experts at the Tuileries gardens in Paris on May 24, 2011 Images)
21st Century Fox and Time Warner Inc have been rivals for years in the entertainment industry, but that might be changing soon. Fox offered an $80 billion deal to Time Warner for the two companies to merge into one giant entertainment force, but Time Warner declined the offer. 21st Century Fox owns the television networks Fox, Fox News, FX and operates 20th Century Fox film company -- which has made over a billion dollars domestically just in this year. Time Warner owns HBO, New Line Cinema, Warner Bros. and CNN. If these two companies were to combine, the total revenue is estimated at $65 billion.
With a merge this size, industry experts say this deal could face antitrust scrutiny. The two companies combined would control a large amount of the entertainment business, both in terms of money and content. One key part in the merger deal is Fox wants Time Warner to sell CNN -- a direct competitor to Fox News.
With a desire to control and change content even before a deal has been made, how much will the entertainment industry be affected if this goes through?
Amanda Wait, partner at Hunton and Williams LLP, represents clients in antitrust litigation and government antitrust investigations
Matthew Belloni, Executive Editor at Hollywood Reporter