Murdoch bid for Time Warner rebuffed

If you've ever watched television or seen a movie, chances are you'll have helped boost the considerable coffers of Time Warner. Harry Potter, Sex and the City and the Sopranos are all made by the firm.

It owns cable channels including HBO and CNN, along with the Warner Bros movie studio.

Well now another media superpower, led by a certain Australian tycoon, wants to take Time Warner over.

Rupert Murdoch's 21st Century Fox has offered to buy it. Time Warner, though, has rebuffed his advances.

Edmond Lee is media reporter for the Bloomberg news agency in New York.