Time Warner Rejects Murdoch Offer

Rupert Murdoch’s Twenty-First Century Fox was reportedly turned down in an attempt to buy Time Warner Inc. over the past several weeks.

The New York Times reports Murdoch offered $80 billion in cash and stock for the company, which owns HBO, CNN, TNT, TBS, and a slew of other channels, the Warner Bros. movie studio, and more. The company confirmed that it had turned down the offer.

The Times reports Fox would have sold off CNN, a direct competitor of its own cable news channel, FOX News.

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Time Warner Inc. is separate from Time Warner Cable, which is attempting to merge with Comcast.