Time Warner Rebuffed Offer From Rupert Murdoch's 21st Century Fox

Approached in June

Rupert Murdoch's media empire 21st Century Fox made an $80 billion takeover bid last month for Time Warner Inc. but was rebuffed, The New York Times reports.

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

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