UPDATE 1-Murdoch is pouncing on Time Warner while rivals are distracted
July 18, 2014 at 17:13 PM EDT
NEW YORK, July 18 (Reuters) - Rupert Murdoch looks to have been canny in his $80 billion takeover approach to Time Warner Inc, cornering the media giant at a time when potential "white knight" bidders are busy absorbing their own large deals.