21st Century Fox, the massive media conglomerate controlled by the Murdoch family, put in a massive acquisition offer for Time Warner worth about $80 billion in a proposal to make one of the biggest media companies in the world.
Time Warner's board promptly rejected it.
21st Century Fox and Time Warner both confirmed the bid to Mashable, backing up a report from the New York Times.
The offer, which was made in early June, was worth approximately $80 billion and would have been a mix of 60% stock and 40% cash, according to the Times. That price tag puts that offer at around $85 per share for Time Warner and is about a 20% premium on the company's Tuesday closing price of $71.01. Time Warner shares rose sharply in after-hours trading on the news, up about 17%.
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