Time Warner has rejected 21st Century Fox’s $80 billion formal offer. The potential deal with the Rupert Murdoch-controlled company had stirred up a speculation frenzy, but it seems the offer wasn’t enough. According to CNBC, Time Warner was offered $85 a share in cash and stock. As part of the deal, 21st Century Fox said it would sell CNN to appease regulators. Despite the rejection, Murdoch is reportedly “determined” to buy Time Warner. In a press release on Wednesday, Time Warner confirmed that it had rejected Murdoch.