Rupert Murdoch is looking to expand his media empire. The businessman put an $80 billion offer on the table through 21st Century Fox last month to purchase rival Time Warner. According to a report from The New York Times, the offer was rejected but that likely won't deter Murdoch from trying again.

Sources close to the matter said Murdoch has been hammering out details of the takeover with his son James, 21st Century Fox president Chase Carey and CFO John Nallen.

Time Warner confirmed the cash and stock offer from 21st Century Fox but said such a merger wouldn't be in their best interest. The offer included a combination of 1.531 percent of 21st Century Fox Class A non-voting common shares and $32.42 in cash per share - a premium of 22 percent over its closing price on Tuesday.

Share value in Time Warner is up more than 17 percent on the news, trading at $83.08 as of writing.

In a statement on the matter, Time Warner said their strategic plan would create significantly more value. The company also voiced concerns regarding regulatory approval and the value of the non-voting shares they'd receive. As the publication points out, the Murdoch family owns a controlling 39.4 percent of Class B voting shares.

Both companies said they aren't pursuing discussions with each other although sources familiar with the matter said Murdoch is determined to buy Time Warner and has no plans to walk away empty-handed.

If successful, Murdoch would gain control of Warner Bros. production and distribution for movies and television shows, Turner TV's portfolio (along with broadcasting rights for NBA and MLB) and HBO. The combined company would bring in an estimated $65 billion in revenue.