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Anchored by Jake Tapper, The Lead airs at 4 p.m. ET on CNN.

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July 16th, 2014
05:40 PM ET

Murdoch's Fox made offer to buy Time Warner

New York (CNNMoney) – Rupert Murdoch's 21st Century Fox made an offer to buy Time Warner in June, and Time Warner gave a firm answer: No.

Even so, news of the proposal on Wednesday sent the stock of Time Warner soaring 15%.

Such a deal would be massive: the initial bid was $80 billion. That would value Time Warner at $85 a share, 20% higher than Time Warner has been trading.

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