Time Warner (TWX) shares soared today, gaining as much as 18% after the company received an unsolicited buyout offer worth $80 billion from 21st Century Fox (FOXA). Fox shares fell 4% on the news, though the market clearly expects a second offer, given Time Warner's jump. Will a megamerger between the two media giants go through? The slideshow below provides further detail on today's developments, and lets you know what Fox's next move could be.