Announces $83b Time Warner acquisition

AT&T announces it will purchase Time Warner for $86 billion. The buyout grants AT&T distributor power over CNN and HBO. AT&T says the deal will give customers ‘unmatched choice, quality, value and experiences that will define the future of media and communications” and the new company would “lead the next wave of innovation in converging media and communications industry.’ AT&T CEO Stephenson:

This is a perfect match of two companies with complementary strengths who can bring a fresh approach to how the media and communications industry works for customers, content creators, distributors and advertisers.