An earthquake struck the media company landscape today, as Time Warner revealed that it had rejected an $80+ billion takeover offer from Twenty-First Century Fox.  In announcing the rejection, Time Warner pointed to its own strategic plan, which it said would "create significantly more value" for shareholders, and said that value was "superior to any proposal that Twenty-First Century Fox is in a position to offer."

Time Warner also said that the value of its portfolio of businesses was likely to increase, that the non-voting stock which was offered as part of the purchase price had questionable valuation, that Fox’s ability to manage the combined companies created risk, and that there are strategic, operational, and regulatory risks to the combination of the companies. 

The combined companies would include an array of TV channels, film studios, and other media and content businesses, including DC Comics.

It’s unlikely that this offer by Fox, which is controlled by Rupert Murdoch and his family, was not serious, or that the story is over with this rejection.  Time Warner stock was up around 17% as of this writing, just before the close.  That’s a lower price than Fox’s offer, but a lot higher than it was this morning.