US media company Time Warner has rejected an initial takeover approach from rival 21st Century Fox estimated at £46.6bn.

The takeover approach by the Rupert Murdoch owned company was made last month, it was revealed.

Twenty-first Century Fox confirmed in a statement last night (WEDNESDAY) that its offer for Time Warner had been rejected.

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It added it was not currently in talks with Time Warner about pursuing the deal further.

"21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies," the company said.

"The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner."

Twenty-first Century Fox, owns movie studio 20th Century Fox and cable news channel Fox News and is home to television shows including The Simpsons.