21st Century Fox said today that it made a formal proposal last month to combine with Time Warner, but that Time Warner’s board rebuffed it and there aren’t any current discussions between the two companies.
The statement from Rupert Murdoch’s film and TV arm came after the New York Times DealBook reported that Murdoch and his bankers proposed a takeover worth $80 billion to Time Warner, the media giant behind HBO, CNN, TBS and TNT. The offer price was a roughly a 25% premium to where Time Warner stock was trading at the time. (In pre-market trading, Time Warner stock has surged by about 19% this morning).
According to the report, Murdoch is “determined to buy Time Warner and is unlikely to walk away.” Time Warner did not immediately respond to a request for comment.