(CNN) - Rupert Murdoch's 21st Century Fox made an offer to buy Time Warner last month, but was rejected.
On Wednesday, shares of Time Warner soared nearly 15 percent in premarket trading at the news.
The New York Times reports Murdoch made a bid to buy Time Warner of about $80 billion dollars.
Time Warner owns CNN and CNN Money.
Under the terms of the bid, Fox would sell CNN to answer antitrust concerns.
In a statement, Time Warner said the company is "confident that continuing to execute its strategic plan will create significantly more value" for shareholders than any proposal Fox could offer."
In a statement, 21st Century Fox said that it is "not currently in any discussions with Time Warner."
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