Time Warner Shares Surge On CNBC Report

Shares of Times Warner Inc.

have jumped over 14 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 Inc.

. According to the

, 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.