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Time Warner Turns Down Fox Offer
That's the word from media giant Time Warner, the parent company of CNN.
It rejected an $80 billion dollar cash and stock offer made last month by Rupert Murdoch's 21st Century Fox.
Time Warner shares surged on the news since the deal would offer shareholders a 20% premium.
But in a statement, Time Warner says it's quote- "confident that continuing to execute its strategic plan will create significantly more value" for shareholders than any proposal Fox could offer.
But analysts say Rupert Murdoch isn't likely to go away that easily-- and could come back with another offer.
He is said to have wanted Time Warner for some time.
"This gives Fox huge leverage.... distribution."
If Fox is able to buy Time Warner, it would hang onto cable networks such as TBS, TNT and premium network HBO, as well as movie studio Warner Bros.
But under terms of the bid, Fox would sell CNN to answer antitrust concerns. Analysts say Disney and CBS could be potential suitors for CNN.
For now, Fox says it is not in discussions with Time Warner.
But analysts say these developments have celarly put the media giant in play.