21st Century Fox in $US80bn bid for Time Warner

Owner of CNN, HBO cable channels rejects cash-stock offer, unwilling to engage.

Media giant 21st Century Fox Inc made an $US80 billion offer for Time Warner Inc last month but was rebuffed, according to a person familiar with the matter.

21st Century Fox made the cash-stock offer, valued at $US85 per share, in a letter to Time Warner, which the company's board rejected.

If consummated, the merger would be Rupert Murdoch's biggest deal yet and would catapult the combined entity to the top of the media food chain, making it the world's largest media group by revenue.

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