21st Century Fox is willing to pay more than $85 a share for Time Warner, according to a person 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 estimates that the combined company could achieve as much as $1.5 billion in cost savings, including through the elimination of overlapping back office, human resources, sales and information technology operations, according to the person, who asked not to be identified because the information is private.

Source - http://www.financialexpress.com