21st Century Fox has confirmed that it made an unsolicited bid to buy Time Warner  in June 2014, which Time Warner rejected.

“21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies. The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner,” read a statement from Fox.

The confirmation  followed reports that Time Warner had rejected an $80 billion buyout proposal. Time Warner shares rallied 17 per cent in premarket trade, and 21st Century shares advanced 0.6 per cent.

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