New York, NY, United States (4E) – Media giant 21st Century Fox said on Wednesday that rival Time Warner rejected its bid to control the company, a move that could shake up the media-entertainment industry.
The bid by the conglomerate giant, which would have combined two of the biggest media-entertainment companies in the world, was valued at $80bn, the people familiar with the discussions told the AFP.
The Rupert Murdoch-controlled company said it made a formal offer to Time Warner last month to merge the two conglomerates, according to a statement by 21st Century Fox.
21st Century Fox also said the Time Warner board declined to pursue its offer, and added it is not currently in any negotiations with Time Warner.
Murdoch’s group is seeking to acquire Time Warner and then expected to spin off CNN, the rival of Fox News Channel, according to the person with knowledge of the talks told AFP.
In a separate statement, Time Warner confirmed that it turned down 21st Century Fox’s stock and cash offer.
The bid comes amid huge changes in the media landscape after both companies spun off their slow-growing publishing business and established operations that focus on film, television and other fast-growing areas.