July 16 (Reuters) - Time Warner Inc rejected a $80 billion buyout offer from Rupert Murdoch's Twenty-First Century Fox Inc, people familiar with the matter told The New York Times.
Twenty-First Century Fox offered to buy Time Warner for $85 per share in a cash and stock bid, the newspaper reported, adding that Murdoch was determined to buy the company and was unlikely to walk away. (nyti.ms/1na1K7y)
Time Warner stock jumped more than 13 percent to $80.30 premarket. The company could not be immediately reached for comment. (Reporting by Soham Chatterjee; Editing by Saumyadeb Chakrabarty)