Time Warner has confirmed it has rejected a take-over bid worth around US$80 billion (€59.1 bn) from rival 21st Century Fox.

The offer was made last month for the company, which is behind the 'Harry Potter films' and American TV channels CNN and HBO.

21st Century Fox says it is not currently in any discussions with Time Warner about the bid.

The offer was said to be a combination of 1.531 of 21st Century Fox Class A non-voting common shares and US$32.42 (€23.96) in cash per share.

The Time Warner Board said that after consultation with its financial and legal advisors it is "determined that it was not in the best interests of Time Warner or its stockholders to accept the Proposal or to pursue any discussions with Twenty-First Century Fox".

Time Warner says it is confident that continuing its strategic plan will create more value for the company and its stockholders.

In a statement the company added that "There is significant risk and uncertainty as to the valuation of Twenty-First Century Fox’s non-voting stock and Twenty-First Century Fox’s ability to govern and manage a combination of the size and scale of Twenty-First Century Fox and Time Warner".

21st Century Fox is owned by media mogul Rupert Murdoch.

A video from Time Warner CEO Jeff Bewkes, explaining the move, was sent to Time Warner employees this morning.