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