An $80bn initial offer by 21st Century Fox for Time Warner has been turned down, sending Big Media shares to historic highs.

Rupert Murdoch’s company on Wednesday (16) confirmed the news about the failed takeover bid.

“21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies,” a statement read.

“The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.”

According to reports, Murdoch had planned to sell off CNN to appease regulators in the eventuality of a successful takeover.

Time Warner released a statement saying it did not regard a sale to Fox as being in the interests of shareholders.

Time Warner shares reached a record $83 after news of the failed bid broke, while Viacom stock surged to an unprecedented $89.76 and Walt Disney Company hit a record $87.63.