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WSJ: AT&T will acquire Time Warner for more than $80 billion

Published Oct 22nd, 2016 3:59PM EDT

Following rumors earlier this week of an imminent deal, The Wall Street Journal is now reporting the AT&T has reached an agreement to acquire Time Warner. AT&T will reportedly pay between $105 and $110 per share for Time Warner, making the deal worth more than $80 billion. Time Warner shares closed at $89.48 on Friday after spiking on rumors that a merger deal with AT&T could be announced as soon as this weekend. According the WSJ, AT&T and Time Warner’s boards are meeting this afternoon and the final merger proposal could be announced later on Saturday.

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As a result of its acquisition of Time Warner, AT&T will dive headfirst into the entertainment business — Time Warner companies include HBO, CNN, TNT and the Warner Bros. film and TV studio. As WSJ noted, this acquisition will be the largest media deal in years, provided it is approved by regulators.

Rumors on Friday suggested that a number of other companies were closely watching negotiations between AT&T and Time Warner, including Apple. Apple had been rumored earlier this year to be considering making a play for Time Warner, and the two companies had even met according to reports that broke late on Friday.

Should it be approved, AT&T’s acquisition of Time Warner will be its biggest deal since buying BellSouth for $85 billion in 2006.

Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.