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Time Warner has rejected an $80 billion formal offer from News Corp.'s 21st Century Fox, people briefed on the matter told CNBC and The New York Times on Wednesday. The sources said 21st Century Fox offered $85 a share in cash and stock for the media giant in a move that could radically restructure the media industry. To appease regulators on antitrust issues, 21st Century Fox said it would sell its CNN cable network, the sources said. Chase Carey, 21st Century Fox's president and CEO, met with Time Warner CEO Jeff Bewkes in early June to discuss the deal.Time Warner's board of directors sent a rejection letter in early July, the sources said. Rupert Murdoch is "determined" to buy Time Warner, despite the board's rejection, the sources said. Fox and Time Warner representatives could not immediately be reached to comment, the New York Times reported. Later, Fox confirmed the offer, said Time Warner rejected it and is not currently in discussions with Time Warner.


-- Reported by Andrew Ross Sorkin; written by CNBC staff