Media titan Rupert Murdoch has a prize in mind with his offer for Time Warner. Bloomberg reports that the motivation behind the offer of $85 per share by Murdoch’s 21st Century Fox is Time Warner’s pay-TV network HBO.

Murdoch also is interested in the company’s sports programming and international content distribution, the article reports, noting that Fox has pegged HBO’s value at $20 billion.

Fox believes it has the ability to expand HBO’s international presence, along with its presence on mobile and digital platforms. It could also add its own programming, such as “The Americans,” to the HBO lineup.

Time Warner has rejected Fox’s bid.

“It’s really now HBO that’s the driver, and I think that’s the Holy Grail that Rupert had his eye on,” Porter Bibb, managing partner at Mediatech Capital Partners, told Bloomberg. “It’s a huge money maker with a huge potential. And probably the only Netflix killer that’s in the world right now.”

Fox could come back with a higher offer if Time Warner is willing to talk, the piece adds. The companies said they aren’t currently in discussions.

Rupert Murdoch