AT&T Acquires Time Warner In Media Mega-Deal

Brian Stelter reports for CNN:

media shakeup att-twx merger graphic new AT&T and Time Warner have agreed to an $85 billion deal — one of the biggest media tie-ups ever.

The move, announced Saturday evening, will help AT&T expand beyond wireless and Internet service into programming. Time Warner is the parent of CNN, TNT, HBO, the Warner Bros. studio, and other channels and websites.

AT&T, which dates back to the invention of the telephone in 1876, is one of the country’s largest providers of wireless phone and Internet service. It also recently acquired the DirecTV satellite TV business.

The deal will be subject to a review by government regulators that could take more than a year to complete.

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