But walking away is not something the media and financial world have come to expect from Rupert Murdoch, who has pulled off a string of major acquisitions during his career. He usually gets what he wants.

Now shareholders in Time Warner may be upset with CEO Jeff Bewkes for rejecting Fox’s offer. And walking away, while buying back stock, should both boost Fox’s share price, making it a more valuable currency to use in a deal, should it choose to return at some point in the future. That might not be for a while now, but it could still happen.

As Macquarie analyst Tim Nollen wrote in a note to clients: “We also wouldn’t be surprised if Fox hovers around Time Warner for the next few years, awaiting another opportunity.”

Both companies report earnings tomorrow (Aug. 6). Stay tuned.

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