Time Warner's Rejection of Fox's Bid Could Put it in Play

Time Warner said Wednesday it had rebuffed a takeover bid from Rupert Murdoch's 21st Century Fox's deal that comes to $80 billion dollars. Fox's cash and share bid comes to about $85 per share, a 22% premium over Time Warner's closing price Tuesday. The target of the media mogul's ambitions said it was concerned not only about regulatory matters, but also about the valuation of Fox itself. But the bold bid could have the affect of putting Time Warner in play, as companies that buy content from both Time Warner and Fox are also getting bigger and are on the hunt for their own deals.