NEW YORK (TheStreet) -- Time Warner (TWX) agreed to be bought by AT&T (T) for $85.4 billion over the weekend and is not considering other suitors, including Apple (AAPL), Time Warner Jeffrey Bewkes said on CNBC's "Squawk Box" on Monday morning. If it broke off the deal for a higher bid, Time Warner would have to pay $1.7 billion in break up fees.
"We've made a deal. We're not going out to talk to other people," Bewkes claimed.
The rumors that Apple "kicked the tires" for Time Warner were exaggerated, he added.
Time Warner does "a lot" of business with Apple so the two companies talk "all the time about a lot of things, but not about merging the companies," Bewkes explained.
"So was that overstated when they said that Apple kicked the tires?" Caruso-Cabrera asked.
"Yes, I think it's overstated. If you park your car on the street, somebody might come by and kick the tire and you wouldn't even know it," he said with a smile.
Apple is in a separate business, Bewkes explained. "They're busy with phones and devices on a global basis and I'm not sure that they're focused on media production," he said.
While Time Warner is not approaching other companies, it would have to consider a higher bid from a different media company if one came because that's its duty to shareholders, Bewkes added.
This deal will be different from the failed 200 Time Warner-AOL deal because AOL wasn't a distrbiution company, Bewkes said. AOL was "mis-described at the time," Bewkes noted. "This is not the same thing at all," he added.
Time Warner accepted AT&T's bid because the combination of the two company's abilities provides the most "evolutionary abilities," Bewkes concluded.
Shares of Time Warner and AT&T were lower in mid-morning trading on Monday.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings team rates Time Warner as a Buy with a ratings score of B. This is driven by a number of strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.
You can view the full analysis from the report here: TWX