News broke today in the New York Times that Time Warner had refused an unsolicited offer from 21st Century Fox and that discussions over a purchase were not active. Reuters reported about two weeks ago that Rupert Murdoch, head of 21st Century Fox, was interested in acquiring a content company, especially Time Warner. At the time, many dismissed the report, with CNN’s Brian Stelter going as far as to say that he would eat his New York Post if Fox bought Time Warner. After the New York Times report this morning, both companies confirmed that an offer had been proposed by 21st Century Fox. The New York Times also reported that CNN would have spun-off as part of the deal in order to avoid worries about a cable news monopoly as 21st Century Fox owns Fox News Channel. CBS and Walt Disney Company, which owns ABC, were listed as potential suitors for CNN. Time Warner has three main divisions, Turner (which includes CNN, TBS, TNT, HLN, and Cartoon Network), HBO, and Warner Bros. News of the potential sale caused Time Warner (TWX)’s shares to shoot-up, even in off hours. However, Time Warner CEO Jeffery Bewkes appeared in a video that seemed to be targeted towards both staff and investors and said that Time Warner is not looking to be bought and it will focus on its continued growth.