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posted by cmn32480 on Sunday October 23 2016, @11:49AM   Printer-friendly
from the too-big-to-care-about-the-customer dept.

AT&T is expected to announce on Saturday evening that it will purchase Time Warner Inc. for over $80 billion:

AT&T Inc. has reached an agreement to buy Time Warner Inc. for $86 billion, according to a person familiar with the plans, in a deal that would transform the phone company into a media giant. The wireless carrier agreed to pay $107.50 a share, the person said. The deal is half cash and half stock, according to people familiar with the transaction.

[...] For Time Warner, the deal represents a victory for [Chief Executive Mr. Jeff Bewkes], 64, who took some heat from investors for rebuffing a takeover bid two years ago from 21st Century Fox at $85 a share. [...] A merger of the companies would be the most ambitious marriage of content and distribution in the media and telecom industries since Comcast Corp.'s purchase of NBCUniversal and would create a behemoth to rival that cable giant. A rigorous regulatory review is expected and the acquisition of Time Warner likely wouldn't close until late 2017, people close to the process said.

Donald Trump has said that he would block the proposed merger and other media company mergers.

Also at Washington Post, NYT, CNN, and Reuters.

Update: Confirmed by AT&T.


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  • (Score: 0) by Anonymous Coward on Sunday October 23 2016, @06:21PM

    by Anonymous Coward on Sunday October 23 2016, @06:21PM (#417906)

    > Do they really think this kind of shit makes for competition?

    Why do you think "they" believe that?
    When Comcast bought NBC, the regulators required that NBC not do any sweetheart deals with comcast that were not available to any other providers. Given how that merger turned into a big fat no-op, why do you think this merger would be any different?

    The only people getting fucked here are ATT shareholders.