Time Warner Rejects 21st Century Fox Takeover Bid

NEW YORK: Time Warner has rejected a reported $80 billion takeover offer from Rupert Murdoch’s 21st Century Fox.

“21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies,” the company said. “The Time Warner Board of Directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.”

The New York Times, citing people briefed on the matter, said Fox made a $85 per share cash and stock offer.

"The Time Warner Board, after consultation with its financial and legal advisors, determined that it was not in the best interests of Time Warner or its stockholders to accept the proposal or to pursue any discussions with 21st Century Fox," said the company. "The board is confident that continuing to execute its strategic plan will create significantly more value for the company and its stockholders and is superior to any proposal that 21st Century Fox is in a position to offer."