AT&T Agrees to Buy Time Warner for $85.4 Billion

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http://www.nytimes.com/2016/10/23/business/dealbook/att-agrees-to-buy-time-warner-for-more-than-80-billion.html?_r=0

>In the world of media, bigger remains better.

>So in the wake of Comcast’s $30 billion takeover of NBCUniversal and Verizon Communications’ serial acquisitions of the Huffington Post and Yahoo, AT&T has bought one of the remaining crown jewels of the entertainment industry.

>The telecommunications giant agreed on Saturday to buy Time Warner, the home of HBO and CNN, for about $85.4 billion, creating a new colossus capable of both producing content and distributing it to millions with wireless phones, broadband subscriptions and satellite TV connections.

>The proposed deal is likely to spur yet more consolidation among media companies, which have already looked to partners to get bigger. This year, Lionsgate struck a deal to buy the pay-TV channel Starz for $4.4 billion. And the Redstone family, which controls both CBS and Viacom, has urged the corporate siblings, which split 10 years ago, to consider reuniting.

>AT&T and Time Warner said both of their boards unanimously approved the deal.
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