Time Warner Rejects $80bn Murdoch Merger
Rupert Murdoch's 21st Century Fox has confirmed rival Time Warner has rejected an $80bn (£47bn) offer to combine the two global entertainment giants.
Details of the bid emerged on Wednesday, a month after the offer was turned down.
21st Century Fox, which has a 39% stake in Sky News owner BSkyB, said: "21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies.
"The Time Warner Board of Directors declined to pursue our proposal.
"We are not currently in any discussions with Time Warner."
A report in the New York Times, which prompted both companies to acknowledge the talks, cited anonymous sources who suggested 21st Century Fox would have sold Time Warner's CNN news channel as part of a deal.
The move, the paper said, would have been to avoid competition concerns because Fox News competes directly with the news network.
Confirmation of the approach sent Time Warner shares 16% higher on opening while its rival's fell slightly.
In its statement, Time Warner added it had no interest in any further engagement but Sky's business presenter Ian King suggested that would not prevent shareholders urging the two sides to get together.
Time Warner said: "The Time Warner board, after consultation with its financial and legal advisors, determined that it was not in the best interests of Time Warner or its stockholders to accept the proposal or to pursue any discussions with 21st Century Fox.
"The board is confident that continuing to execute its strategic plan will create significantly more value for the company and its stockholders and is superior to any proposal that Twenty-First Century Fox is in a position to offer."
The New York company's holdings include the cable movie channel HBO and Warner Bros studios, which produced the Harry Potter movies.
Its rival has the Twentieth Century Fox film and television studios in its global stable alongside a wealth of TV channels and networks.