US: ‘Time Warner rebuffs Fox bid’

Rupert Murdoch’s 21st Century Fox had made an $80 billion (R855bn) takeover bid last month for Time Warner that was rebuffed, the New York Times said, citing unnamed people briefed on the matter. Fox had indicated that it would sell CNN to ward off potential competition concerns since Fox News competes directly with CNN, it reported. Fox had first approached Time Warner in early June, the paper said. Later that month, Fox had delivered a formal stock and cash proposal worth $85 a share. Time Warner traded at $71 yesterday. – Bloomberg