jeff bucher is has gotten the company to a position he wanted to be in. he is 62 years old.e is doing a great job. he would like to be ceo of this company going forward. not ready to sell. >> there are real questions whether there is a potential white knight two or. years down the road. will apple buy movie studio? the problem with the theory, ou buy one movie studio, the others don't trust you. the cultural question, i think there are real hurdles there. >> this is likely to happen? >> yes. >> there's no are you for not happen? >> there's independent board. if they can get closer to resin value, what with the company be worth to somebody? >> i'm so naÏve about this stuff. is it possible they would say to jeff bucher, we want to make this acquisition and we want you to run it for four years. >> i don't know. >> rupert murdoch wants his kids to run it. >> that's not a problem. i own fox because i understand the voting stock. i've owned it for a long time. >> why is fox stock going down? >> people are worried that murdoch is going to overpay. they look at dow jones and say he

is it possible they would say to jeff bucher, we want to make this acquisition and we want you to run for four years. ask i don't know. bucher -- and -->> i don't know. >> rupert murdoch wants his kids to run it. >> that's not a problem. i own fox because i understand the voting stock. i've owned it for a long time. >> why is fox stock going down? >> people are worried that murdoch is going to overpay. they look at dow jones and say he would pay anything. he got obsessed with it. the concern is he's going to pay a big number to win it. the fox side is doing a good job of saying that's not going to happen. >> the other concern is some of haven't paid off so well. >> he doesn't regret it. >> he's enjoying it usually. he's enjoying it hugely. you have $10 billion in debt in four years. , fully diluted. the family was still control it. everybody would be happy. >> who is the largest stockholder of time warner? >> that is a public company. i have the list. august 15 everybody has to file. at that point in time you will know every shareholder. are the big holders. state street's, blackrock.

understand jeff bucher is, he seems more like a ceo.r than he does a since he got that seed, every move he makes is about tearing down, selling off, and that seems the opposite of what every other ceo wants to do which is to beef up their team. >> jeff came of age as an executive. he had a front row seat. he had a front-row seat to what happened and i think that that has left him deeply skeptical of the ability to execute mergers. he has been a better seller then he has been a buyer. he hasn't bought anything, if you think about it. >> doesn't that seem opposite from everyone else that has been in his role? .> well, you have other people obviously, foxx has been a buyer murdoch is been a buyer of assets. if you have other companies that have skinny down. thatis is the first time you found yourself a shares on both sides of an offer. how difficult is it to reconcile those positions? >> 70% of the shareholder. >> these are great. some of those have been sold. >> these are great assets, recurring revenue, great secular growth. there are a lot of ways to dissipate. in fact, there are two or

point, given that just because has set effectively twice he's not interested yet come -- given that jeff buchere's not interested? >> it certainly makes a lot of sense. in addition to the cost synergies they talked about, there are some soft synergies. they've got better gold will -- better global scale in terms of istribution content, which one of the fastest-growing parts of the market does -- these days. we think it is a great deal. concernsthe regulatory can be taken care of. >> he saying no for now, but if push tom price, he would get there. whoe is not a shareholder doesn't want this necessarily. >> that is likely right. if you put the bid out there at 85 and let that sit out there for a month or two, get some archives into the stock and raise the bid to $90, $95 -- and by the way, $95 still make sense for both foxx and time warner. we think it will get done. he made it clear that the pendulum could swing much higher in valuation. he turns to you for the specifics. dow incomeh the -- ebitda.either. deals anywhere from 10 to 12. >> i want a stock price. paying95, they will be probably 12.5