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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.