Time Warner's board rejected the overture, but the offer drove Time Warner stock up 16% to $82.53 in early trading on the
A 21st Century Fox spokesman declined to comment on whether the company would continue to pursue Time Warner or any other big media acquisitions. But analysts think Murdoch will not be turned away so easily.
"It is more about the sector than this specific deal," he wrote in a note to clients. "The urgency to find a 'dance partner' will increase across the sector. Nobody wants to be the company that gets left out of the consolidation wave, and companies would rather control their own destinies."
"We would expect rumors that
Shares of Discovery were up roughly 7% Wednesday. Viacom rose 4% while Disney's stock was little-changed.
An earlier version of this post mistakenly attributed comments by analyst Michael Nathanson to analyst Craig Moffett.