Fox says that have withdrawn their bid to purchase Time Warner and the move is killing TW stock price.
In after hours trading, Time Warner shares are down 11%.
Reports of an original proposal had surfaced last month, when Rupert Murdoch confirmed that he made an offer to buy TW.
Time Warner rejected the offer and many expected Murdoch to come back with a higher one.
Instead, Murdoch has canceled plans to buy TW and it is hurting the stock.