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AT&T agrees to buy Time Warner for $85bn in record breaking deal

AT&T agrees to buy Time Warner for $85bn in record breaking deal

The United States telecommunications giant AT&T is set to acquire media powerhouse Time Warner Inc. for $85.4 billion, in a deal that could possibly be the biggest in the world this year. He and AT&T have partnered on several ventures, including Otter Media, suggesting that Chernin might play a role in the talks with Time Warner.

Sen. Tim Kaine (D - Virginia) said he was looking skeptically AT&T's $85 billion purchase of Time Warner, which owns properties like CNN and HBO.

Companies that provide phone and Internet connections are investing in media to find new revenue sources and ensure they don't get relegated to being just "dumb pipes". Time Warner Cable, the spun-off business, was acquired by Charter Communications a year ago for $56 billion.

The deal would likely have to be approved by a constellation of federal agencies, including the Department of Justice and the Federal Communications Commission.

And finally one predicted that even in the event of a Clinton win, the people wouldn't stand for an AT&T - Time Warner merger.

The cash and stock deal brings together two very different companies - one a telecoms company that traces its heritage back to Alexander Graham Bell, the other an entertainment company founded in the Hollywood of the 1920s.

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AT&T expects to save $1bn in synergies within three years, chiefly through cuts to corporate and procurement spending.

The senator said he still needed to review the details of the deal, asserting however, that there should be efforts to "get to the bottom" of questions on whether the merger would harm competition. Despite both parties having no problem with the merger, regulators might come in with more complications, especially if it emerges that AT&T has some plans to gain from the deal in anti-competitive ways.

If the takeover goes through, it would combine AT&T's distribution network with content from the Warner Brothers film studios and the cable TV channels HBO and CNN.

Buying Time Warner may be "a good defensive move" against Comcast as the cable giant continues stretching into new businesses, New Street Research analyst Jonathan Chaplin said in a Friday note. "It's really critical to make sure the continuity of the team" at Time Warner remains in place. "If you look at history, it's still an unproven" that big deals make sense, she said.

Representatives of AT&T and Time Warner declined to comment. Entertainment Inc. -whose properties include HBO and Cinemax, CNN, TBS, TNT, and more. "And regulators often agree, like when Comcast unsuccessfully tried to buy Time Warner Cable, a deal that I fiercely opposed". In a speech in Gettysburg, Pennsylvania, Donald Trump said AT&T's purchase of Time Warner would give the combined group "too much concentration of power" and would "destroy democracy".

Time Warner is now valued at $65 billion. This time, Time Warner is playing it safer. AT&T's $107.50 a share offer is a roughly 36% premium over the stock's recent trading price prior to its run-up on merger speculation last week.


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