Rupert Murdoch may tap into proceeds generated from the sale of its Italian and German Pay-TV assets to British Sky Broadcasting, according to media reports. Murdoch's 21st Century Fox is reportedly looking to offload its interests in those assets to British Sky Broadcasting for close to $14 billion. Last week, Time Warner revealed it had rejected an approximately $80 billion bid from Fox. Still, the $85 per share offer may have set a takeout ceiling for Time Warner at as high as $100 per share, or even more. Shares of Time Warner, trading on the New York Stock Exchange as TWX, have climbed about 23% since reports of an offer emerged. The Deal's Sarah Pringle reports from New York.

More from Video

The CEO of Wall Street Disruptor Symphony Reacts to Tuesday's Market Declines

The CEO of Wall Street Disruptor Symphony Reacts to Tuesday's Market Declines

60 Seconds: What is the Yield Curve and Why is it Screaming Recession?

60 Seconds: What is the Yield Curve and Why is it Screaming Recession?

Coke Has Figured Out How to Stay Relevant (Watch)

Coke Has Figured Out How to Stay Relevant (Watch)

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Video: Jim Cramer on Rising Interest Rates, Trade Worries & Caterpillar

Video: Jim Cramer on Rising Interest Rates, Trade Worries & Caterpillar