If content is still king in a media business challenged by new technologies and nimble upstarts, Rupert Murdoch hungers to wear the crown.

His biggest and boldest bid yet emerged on Wednesday: an $80 billion takeover offer for Time Warner Inc, which would be the biggest media deal in more than a decade.

While Time Warner has rebuffed his effort and no talks are underway, Murdoch is determined and unlikely to walk away anytime soon, people briefed on the matter said. 

And he has a track record of pursuing companies that first said no before giving in.