The $80 billion bid on Time Warner Inc. made by 21st Century Fox in recent weeks has been rebuffed. Time Warner confirmed Wednesday that it was not accepting the cash and stock offer from 21st Century Fox, which is run by Rupert Murdoch.

According to a statement made by Time Warner, the agreement was not in the company's best interest, claiming there was "uncertainty" over the value of 21st Century Fox's stock among other risk factors.

21st Century Fox also confirmed in a statement that the company had made a formal offer to Time Warner in June.

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

If the two were to combine, Fox and Time Warner would own many of the prominent television networks and channels including Fox, Fox News, FX, TNT, TBS and HBO, along with movie studios like 20th Century Fox and Warner Bros.

Fox and Time Warner would also own both the Fox's sports business along with the broadcast rights owned by Time Warner for Major League Baseball and college and professional basketball. Together the pair would earn $65 billion in total revenue.

A letter with the offer from Fox, sent June 24, estimated the merge would create roughly $1 billion in cost savings, said people informed on the terms of the deal. However, while cutting back on staff and offices, Fox assured Time Warner that it would keep its most successful managers and creative executives along with its channels and studios.

A rejection letter was sent July 8 after Time Warner's board had decided the proposal was not right for the company. It is unclear what chief executive at Time Warner, Jeff Bewkes, will do next. There will be added pressure from Time Warner's shareholders, since 70 percent own shares of 21st Century Fox as well.