DHAKA: US media giant Time Warner has rejected an initial takeover approach from rival 20th Century Fox estimated at $80bn.

The takeover approach by the Rupert Murdoch owned company was made last month, it was revealed.

Twentieth Century Fox confirmed in a statement on Wednesday that its offer for Time Warner had been rejected.

It added it was not currently in talks with Time Warner about pursuing the deal further.

‘21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies,’ the company said, reports the BBC.

‘The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.’

BDST: 1938 HRS, JUL 16, 2014