" The source familiar with the talks told the media that Murdoch's group wanted to buy Time Warner and then spin off CNN, which is the cable news rival to his Fox News Channel. Time Warner meanwhile issued a separate statement confirming that it received, and rejected, an offer of stock and cash from 21st Century Fox. "The Time Warner board, after consultation with its financial and legal advisors, determined that it was not in the best interests of Time Warner or its stockholders to accept the proposal or to pursue any discussions with Twenty-First Century Fox," the statement said.