AT&T reaches deal to buy Time Warner for more than $80bn
The boards of the two companies were meeting on Saturday to approve the transaction
AT&T Inc. has reached an agreement to buy Time Warner Inc. for between $105 and $110 a share, with a deal likely to be announced soon, according to people familiar with the plans. The boards of the two companies met on Saturday to approve the transaction, the people said. The deal is half cash and half stock, according to one of the people. The acquisition is valued at more than $80 billion and pushes the carrier deeper into the traditional entertainment business at a time of stalled wireless growth. For Time Warner, the deal represents a victory for Chief ExecutiveJeff Bewkes, 64, who took some heat from investors for rebuffing a takeover bid two years ago from 21st Century Fox at $85 a share. (21st Century Fox and Wall Street Journal-ownerNews Corp share common ownership.) The pairing brings together AT&T’s millions of wireless and pay-television subscribers with Time Warner’s deep media lineup including networks such as CNN, TNT, the prized HBO channel and Warner Bros. film and T...
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