Time Warner Shares Surge 19% On CNBC Report
Shares of Times Warner (NYSE: TWX) have jumped over 19 percent in Wednesday's pre-market following a CNBC report stating that sources have said the company rejected a $80 billion formal offer from Twenty-First Century Fox (NASDAQ: FOXA).
According to the report, the cash and stock offer represented an $85 per share value for Time Warner.
To avoid antitrust regulation, the CNBC source said, Twenty-First Century Fox said it would sell off its CNN network.
Additionally, the CNBC source is reported as saying Rupert Murdoch is "determined" to buy Time Warner, despite the rejection.
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