Sources: AT&T Agrees to Buy Time Warner for $80B

The deal creates a 'behemoth' new media company
By Michael Harthorne,  Newser Staff
Posted Oct 22, 2016 1:38 PM CDT
Sources: AT&T Agrees to Buy Time Warner for $80B
   (AP Photo/Matt Rourke, File)

AT&T has agreed to buy Time Warner in a deal valued at more than $80 billion, the Wall Street Journal reported Saturday, quoting sources close to the deal. According to its sources, the wireless provider will pay between $105 and $110 per share. The acquisition of Time Warner—which owns HBO, TNT, CNN, Warner Bros., and more—moves AT&T into the entertainment business while its traditional wireless business is failing to grow. The Journal says the deal creates a "behemoth to rival" Comcast after the latter's purchase of NBCUniversal. The deal is likely to be officially announced as early as Saturday evening but likely won't close until late 2017 due to a "rigorous regulatory review." (More AT&T stories.)

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