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.

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