Murdoch Said Open to Offer More Than $75 Billion for Time Warner

Twenty-First Century Fox Inc. is willing to pay more than $75 billion for Time Warner Inc., according to people with knowledge of the matter, a sign Rupert Murdoch is undeterred after being rebuffed in an initial offer for the media company. Time Warner shares soared.

Fox’s willingness to raise its offer higher than $85 a share is contingent on Time Warner engaging in talks and opening its books to Fox, according to one of the people, who said Murdoch hasn’t been directly involved in discussions. A deal would reshape the media industry by giving the TV-and-film companies bargaining power in negotiations with cable operators such as Comcast Corp. and Time Warner Cable Inc., which are in the process of their own merger.