From The New York Post (owned by Rupert Murdoch):

Time Warner Inc. isn’t even on the block yet, but Apple is staying extra close to any possible movement on this front, The Post has learned.

The tech giant is among a handful of companies, all possible suitors of the entertainment company, which has recently come under pressure from activists to sell itself or spin off assets, sources familiar with the situation said Tuesday.

With Time Warner shares closing at $71.06 on Tuesday — well below the $85 offer from 21st Century Fox that its board rejected 18 months ago — the New York company is seen as a sitting duck among media companies because it, unlike its peers, doesn’t have a dual-class shareholder structure.

Note that in that last paragraph, Time Warner rejected an offer by 21st Century Fox, owned (mostly) by the same Rupert Murdoch whose newspaper printed this story. Not saying the rumor is not true, but do consider the source.

More food for thought, this is from the Time Warner Wikipedia page:

The current company consists largely of the assets of the former Warner Communications, as well as HBO (a Time Inc. subsidiary prior to the Warner merger) and the assets of Turner Broadcasting (acquired in 1996). Time Warner currently has major operations in film and television, with a limited amount of publishing operations. Among its assets are New Line Cinema, HBO, Turner Broadcasting System, The CW Television Network, Warner Bros., Cartoon Network, Boomerang, Adult Swim, CNN, DC Comics, Warner Bros. Animation, Cartoon Network Studios, Hanna-Barbera, Esporte Interativo, Castle Rock Entertainment and NetherRealm Studios.

That’d be a lot for Apple to assimilate.