We consider magnetic breakdown in twisted bilayer graphene where electrons may hop between semiclassical $k$-space trajectories in different layers. These trajectories within a doubled Brillouin zone constitute a network in which an $S$-matrix at each saddle point is used to model tunneling between different layers. Matching of the semiclassical wavefunctions throughout the network determines the energy spectrum. Semiclassical orbits with energies well below that of the saddle points are Landau levels of the Dirac points in each layer. These continuously evolve into {\it both} electron-like and hole-like levels above the saddle point energy. Possible experimental signatures are discussed.

5 pages of main text plus Supplementary Material