Did Jeff Bewkes See Rupert Murdoch Coming?

On July 16, Jeffrey Bewkes, the chief executive officer of Time Warner, took to the Internet to fend off the advances of Rupert Murdoch and 21st Century Fox. In a short video directed at his employees, Bewkes insisted that Time Warner wasn’t for sale and that it would be better off on its own. Wearing a gray suit and dark tie, his hair more tousled than usual, he spoke earnestly, concluding with an irreverent smirk that suggested everything was under control. It was a solid performance, but it didn’t have the desired effect. Time Warner’s share price leapt 17 percent that day, as investors salivated and rumors circulated that Murdoch would up his bid.