for $85b, in one of the biggest mergers in media and telecoms
Two of the biggest companies in America merge to create one of the biggest media and telecommunications company.
Recommended articles
![Here's how to bet to win [Shutterstock]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Here's how to bet to win [Shutterstock]")
This huge deal will make AT&T Americas biggest and largest entertainment company and also a power player in the Hollywood.
The deal which was done at a fast pace and announced by both companies will see AT&T pay $107.50 per share to Time Warner's investors.
With this deal, AT&T now has under its wing Warner Bros. (which is the biggest studio in Hollywood), HBO, CNN, Cartoon Network, TBS and TNT.
ADVERTISEMENT
In 2014, Time Warner resisted a hostile takeover bid from Rupert Murdoch and his 21st Century Fox company. Time Warner convinced its investor that it would fare better on its own than under the ownership of the media mogul.
According to a press release from AT&T, this deal is creating "a new company with complementary strengths to lead the next wave of innovation in converging media and communications industry."
The merger will be formalized in 2017, after facing scrutiny from the Federal Communications Commission. Reaction to the merger was quick to surface with concerns raised on how the consumer will fare in this new mega deal.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Iweala, Soludo best appointments in my administration – Obasanjo
We are sorry - 594 repentant terrorists beg Nigerians for forgiveness
Obi and I have unbreakable bond - Otti reminds 'mischievous' elements
Peace Commission appreciates religious organisations for peaceful polls
Northerners hail Sanwo –Olu's re-election, seek unity in Lagos
UNIBEN wins Africa outstanding university award in Rwanda
PTAD set to unveil “I Am Alive” confirmation portal for pensioners
Lagos govt to charge Chrisland for manslaughter, negligence over student’s death
EFCC re-arraigns former PDP Chairman’s son for alleged oil subsidy fraud
Pulse Sports
Victor Osimhen: Where should the Super Eagles striker go this summer?
Peseiro chasing Rohr’s feat as the Super Eagles resume campaign
Nigerian sensation Gift Orban wanted by AC Milan and Napoli
"Present crop of quartermilers are not challenging me enough to retire" - Patience George
Serie A: Udinese renew 'cornerstone' Isaac Success contract
Nigeria to play New Zealand and Haiti in April
ADVERTISEMENT