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AT&T completes acquisition of Time Warner

2018-06-15 06:56 by
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AT&T said Thursday it's completed its $85 billion acquisition of Time Warner, a day earlier than previously expected. Earlier this week, Judge Richard Leon had approved AT&T's $85 billion acquisition of Time Warner, rejecting the government's antitrust objections.

"The content and creative talent at Warner Bros., HBO and Turner are first-rate. Combine all that with AT&T's strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience," said Randall Stephenson, chairman and CEO of AT&T Inc. "We're going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers."

This dance between the two companies began back on October 22nd of 2016, when AT&T announced a stock and cash merger deal worth about $107.50 per Time Warner share. The offer is $53.75 in cash and an equal amount in AT&T stock for every share of Time Warner. Post-merger, Time Warner shareholders will own approximately 15% of AT&T.

The merger, which combines one of the largest communications network providers with a major player in the entertainment market, is poised to shake up the media world. It's already triggered the announcement of a possible deal between Comcast and Fox, which already has an agreement to sell its entertainment assets to Walt Disney.

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