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Time Warner snubs Fox bid of $80 billion

Investors buy up stock, see Murdoch sweetening offer

Posted: July 17, 2014 at 4:59 a.m.

People walk past the Time Warner Center in New York. The company on Wednesday rejected an offer valued at $80 billion to merge with 21st Century Fox, but further negotiations are likely, analysts said.

Rupert Murdoch's 21st Century Fox approached Time Warner last month about merging the two companies in a deal valued at $80 billion, but the offer was rejected, the companies reported Wednesday.

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