Twenty-First Century Fox confirms Time Warner bid

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by Associated Press

WHAS11.com

Posted on July 16, 2014 at 6:00 PM

(ASSOCIATED PRESS) -- Rupert Murdoch's Twenty-First Century Fox says Time Warner rejected its offer last month to combine the two media entertainment giants.
 
   Twenty-First Century Fox Inc. also says it is not currently in discussions with Time Warner.
 
   The New York Times is reporting that the June bid totaled $80 billion, or $85 in stock and cash for each Time Warner Inc. share. The report cites anonymous sources and says Twenty-First Century Fox would have sold CNN as part of the deal to avoid anti-trust concerns, because its Fox News competes directly with the news network.
 
   The Times also says that Murdoch is determined to make a deal.
 
   Shares of Time Warner are soaring in premarket trading. The New York company's holdings include the cable movie channel HBO and Warner Bros. studios.
 

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