Rupert Murdoch's media empire, 21st Century Fox made a bid to buy Time Warner, Inc., another one of the best-known media brands. Time Warner rebuffed the $80 billion offer, but there's no indication the deal is completely dead — Murdoch is not known for giving up easily. Time Warner CEO Jeffrey Bewkes took over the company in 2008 and had strategically shed assets like a cable and internet business and magazine properties, possibly prepping the company for a sale. But even in an environment where the herd of movie studios is being thinned, the idea of Fox swallowing Time Warner took many by surprise.
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