Time Warner Rebuffed $80B Offer From News Corp.'s Fox: Sources

Rupert Murdoch-owned News Corps offered to buy Time Warner for $80 billion back in June but was turned down, CNBC and The New York Times reported Wednesday. 21st Century Fox, part of News Corps, offered $85 a share in cash and stock for the media company and said it would sell its CNN cable network to appease regulators on antitrust issues, sources said. Time Warner's board of directors sent a rejection letter in early July, but sources say Murdoch is still determined to buy Time Warner.

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