VIDEO: AT&T Reaches Deal To Buy Time Warner For More Than $80 Billion
By FOX NEWS // October 23, 2016
deal is half cash and half stock
ABOVE VIDEO: 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 as soon as Saturday evening, according to people familiar with the plans
(FOX NEWS) – 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 were meeting 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 Executive Jeff Bewkes, 64, who took some heat from investors for rebuffing a takeover bid two years ago from 21st Century Fox at $85 a share.
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