Rupert Murdoch's 21^st Century Fox announced today that it had withdrawn its bid to acquire the Time Warner entertainment conglomerate.

In a statement, Murdoch said, “Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling. Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders.”

Time Warner had initially rejected the $80 billion offer from Murdoch, but he initially announced intentions to continue pursuing the acquisition.

21^st Century Fox is the parent company of Fox Television, Fox News Channel, 20^th Century Fox film studios, and several cable and satellite television networks.

Media Matters urged Time Warner shareholders and its Board of Directors to oppose the sale, arguing that the combined company, which would have created the world's second-largest media conglomerate, would reduce the viable options and opinions available for consumers.

News Corp., Murdoch's print-focused company (parent of the Wall Street Journal and Murdoch's U.K.-based newspapers), has recently had executives convicted for their role in the widespread phone hacking scandal, and has had to issue millions in payouts for privacy violations. As Murdoch's bid to buy Time Warner was revealed, two more News Corp. editors were charged with phone hacking.

UPDATE: In a statement, Media Matters Vice President Angelo Carusone said, “The prospect of Rupert Murdoch buying Time Warner presented real harms to the U.S. and global media landscape. It would have given him control of 40% of the cable market and 30% of the movie market. No one should hold that much influence but Murdoch, in particular, has demonstrated that he is far too irresponsible for that amount of power. Today's decision was a victory for the thousands of people who signed our petition urging shareholders to oppose the sale as well as media consumers across the country.”