Twenty-First Century Fox confirms Time Warner rebuffed its acquisition bid

Rupert Murdoch's Twenty-First Century Fox says Time Warner rejected its offer last month to combine the two media entertainment giants.

Twenty-First Century Fox Inc. also says it is not currently in discussions with Time Warner.

The New York Times is reporting that the June bid totaled $80 billion, or $85 in stock and cash for each Time Warner Inc. share. The report cites anonymous sources and says Twenty-First Century Fox would have sold CNN as part of the deal to avoid anti-trust concerns, because its Fox News competes directly with the news network.

The Times also says that Murdoch is determined to make a deal.

Shares of Time Warner are soaring in premarket trading. The New York company's holdings include the cable movie channel HBO and Warner Bros. studios.