Rupert Murdoch's 21st Century Fox has begun the chase after Time Warner. Here's why it will be tough for Time Warner to hide.
CNBC reported Wednesday morning that Fox recently made an $80 billion offer for Time Warner, which owns prized assets including the Warner Bros. film and television studio along with HBO, the leading pay-television network. In a statement later Wednesday, Time Warner said it had turned down the offer, arguing that its own plans as an independent company will create "significantly more value for the Company and its stockholders and is superior to any proposal that 21st Century Fox is in a position to offer."
What does Time Warner dislike so much about the offer? One problem is that Fox's bid consists of roughly 60 percent nonvoting Fox shares and only 40 percent cash. While there is a heavy overlap between Fox and Time Warner shareholders at the moment, some may be unhappy with the Murdoch family having effective control of the new company.
Read MoreTime Warner rejects $80B offer from 21st Century Fox