Time Warner Changes Bylaws to Keep Murdoch away

Time Warner is changing the rules to try and keep Rupert Murdoch from buying the company.

FTVLive told you last week that TW knocked back a $80 billion offer from Murdoch and now TW has changed its bylaws in a move designed to block a potential hostile takeover.

The Financial Times reports that Under the new bylaws, Time Warner’s board led by Jeff Bewkes can be called to a special meeting by shareholders owning 15 per cent. The amendment removes shareholders’ ability to combine their holdings to reach the 15 per cent threshold to call such a meeting.

Stay tuned as to how Murdoch will respond.