21st Century Fox last month made an $80 billion offer to purchase Time Warner, but the bid was nixed.
Shares of Time Warner stock were up about 20% in pre-market trading on the news, which was first reported by The New York Times.
Time Warner’s board of directors decided against the proposal, which could unite two of the globe’s largest media companies and place broadcast network Fox, Fox News Channel and FX in the same portfolio as HBO, TNT and TBS, as well as the movie studios 20th Century Fox and Warner Bros.
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