21st Century Fox has confirmed that it launched a bid to takeover Time Warner in June.
The statement read: "21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies.
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The company issued a statement today (July 16) explaining that an $80 billion bid was rejected by the rival media giant, with no further discussions held.
The statement read: "21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies.
"The Time Warner Board of Directors declined to pursue our proposal. We are not currently in any discussions with Time Warner."
If the bid had been accepted, it would have created a media giant encompassing Warner Bros film studios, 20th Century Fox, Fox TV networks and Time Warner's TNT and TBS, as well as both companies' major sports broadcasting rights.
Last month, it was reported that Scotland Yard wanted to interview 21st Century Fox Chairman and CEO Rupert Murdoch in connection with phone hacking.
Andy Coulson gets 18 month sentence for conspiracy to hack phones
No jury verdict on Andy Coulson, Clive Goodman misconduct charges
Jeremy Clarkson "beyond ecstatic" after Rebekah Brooks cleared
Scotland Yard want to interview Rupert Murdoch about phone hacking
via All - Digital Spy - Entertainment and Media News
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