Rupert Murdoch’s 21st Century Fox made a $80 billion offer to acquire Time Warner, the parent company of Warner Bros. Time Warner confirmed that news and announced today that they’ve officially rejected the offer.

“The board concluded that continuing to execute our strategic plan and our business plans will create significantly more value for the company and our shareholders and that that’s superior to any proposal that Fox is in a position to offer” Jeff Bewkes, chairman and CEO of Time Warner, said in a video response released earlier today.

The WSJ summed it up best… Any deal, if consummated, would reshape the media industry. Time Warner’s lucrative cable channels, including TNT, TBS and HBO, would be part of a portfolio with 21st Century Fox’s FX, Fox News and the Fox broadcast network. The companies also would have the dominant film and TV studio business if Warner Bros. and 20th Century Fox were under one roof… they’d get DC Comics in the deal as well!

Watch Bewkes explain why he’s rejecting the $80 billion offer in the video below.

Fox owns the movie rights to X-Men and the Fantastic Four… but I guess for now we can kiss any hopes of a Batman/Wolverine crossover film goodbye!

SOURCE: WSJ