- Time Warner (NYSE:TWX) confirms it rejected an offer from 21st Century Fox (NASDAQ:FOXA).
- The company, which infamously merged with AOL in 1999, says it sees "significant risk" of the ability of 21st Century Fox to manage a media giant at the combined scale.
- "There are considerable strategic, operational, and regulatory risks to executing a combination with Twenty-First Century Fox," notes Time Warner's board.
- TWX +15.4% premarket to $81.99.
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