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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.

Posted-In: CNBCCNBC News Rumors M&A Hot Media

 

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