Time Warner rejects takeover approah from 21st Century Fox

Posted by Nationwide Newsnet | 16 Jul, 2014

US media giant Time Warner has rejected an initial takeover approach from rival 21st Century Fox estimated at 80-billion US dollars.

The takeover approach by the Rupert Murdoch owned company was made last month. Twenty-first Century Fox confirmed in a statement today that its offer for Time Warner had been rejected.

It added it was not currently in talks with Time Warner about pursuing the deal further. Twenty-first Century Fox, owns movie studio 20th Century Fox and cable news channel Fox News.

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