BALDWIN: Media mogul, Rupert Murdoch wants to buy Time Warner. He tried with a bid worth $80 billion. The merger would add to Murdoch's sprawling empire, including FOX, cable networks, 20th Century FOX movie studios, "National Geographic." Time Warner owns Warner Brother Studios and HBO. But the man was rebuffed. "CNN Money" correspondent, Cristina Alesci, is following the story for us. Tell me more. What happened?</s>CRISTINA ALESCI, CNN MONEY CORRESPONDENT: $85 a share, that's what Rupert Murdoch offered for Time Warner today. Time Warner came out, the parent company of CNN, saying no way to that deal. But, of course, you know, this kind of thing always puts a fresh spin on things and raises questions about is Time Warner open to other deals. As for this one, Time Warner is poking holes in the FOX proposal. There are multiple reasons, but CEO Jeff Bewkes for Time Warner, has one particular reason. Take a listen.</s>JEFF BEWKES, CEO, TIME WARNER: 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.</s>ALESCI: So having spoken to sources close to these talks last month, I could say that, you know, this comes down to whether or not Time Warner really wants to sell. And there's no gun to Time Warner's head from its perspective. It can hang back and potentially wait for a better offer.
Murdoch Attempts to Buy Time Warner.