Time Warner rejected $80 bln bid from 21st Century Fox - NYT

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.

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)