AT&T (T) Agrees to Acquire Time Warner (TWX) for More than $80 Billion - WSJ
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As has been rumored over the past couple days, AT&T (NYSE: T) has agreed to acquire Time Warner (NYSE: TWX) for $105-$110 per share, or more than $80 billion, the Wall Street Journal reported Saturday afternoon. A deal is expected to be announced Saturday evening.
Shares of Time Warner closed at $89.48 per share on Friday and were below $80 per share before deal rumors surfaced. Bloomberg News first reported on Thursday that the two sides were in talks, although it wasn't known how serious the talks were until Friday.
The move by AT&T pushes it further into the entertainment and content business and away from its traditional wireline and wireless phone business, which it has been traditionally known. In 2015, AT&T completed its $49 billion acquisition of DIRECTV - the largest pay TV provider in the United States. It was also in the bidding for Yahoo!'s Internet assets before getting bested by Verizon.
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