Word is that Rupert Murdoch put in an offer to buy Time Warner, the parent company of CNN, HLN, TNT and TBS.

Murdoch made an $80 billion takeover bid, but so far Time Warner has said no to selling it owner of Fox and Fox News.

But now that Murdoch has made an offer, it likely puts Time Warner in play and might again ignite a reshaping of the media industry, prompting a new spate of mega-mergers among the nation’s largest entertainment companies.

As part of Fox’s proposal to buy Time Warner, people briefed on the proposal said, Fox indicated that it would sell CNN to head off potential antitrust concerns since Fox News competes directly with CNN.

Putting CNN on the auction block would likely stir up a bidding war for the news channel; both CBS and ABC, a unit of the Walt Disney Company, have long been seen as interested suitors.

FTVLive FIRST reported back in February of 2013 that CBS was once again interested in buying CNN.

Stay tuned, this story is just getting started.

H/T NY Times