October 22, the American telecommunications giant, AT&T has officially confirmed that it is acquiring the conglomerate Entertainment Group Time Warner. Currently all the details have been agreed – it is expected only the approval of the agreement by the relevant authorities. Earlier it was reported that a few months ago, Apple had also expressed interest in buying Time Warner, but the negotiations did not lead to any results.
AT&T buys Time Warner for $ 86 billion
Economists point out that this is the largest transaction of 2016: AT&T acquires Time Warner for 86 billion ($107,5 per share). If the deal is approved by regulators, AT&T will gain control of HBO and CNN TV in addition to film Studio Warner Bros and other valuable media assets. Created a media company will be larger than the scale of cable TV distributor Comcast and Walt Disney combined. The agreement received the unanimous support of the boards of Directors of companies.
According to media reports, the head of the new structure will be appointed Executive Director of AT&T Randall Stephenson, and the head of Time Warner Jeff BUCs will retire. The agreement was unanimously approved by the boards of Directors of both companies. The transaction is expected to be completed by the end of 2017.
