It's official. AT&T will acquire Time Warner for $85.4 billion and form a new company, in a blockbuster deal that carries with it the potential to reshape the media industry.
AT&T will pay $107.50 a share per Time Warner share in cash and stock, the company said in a formal announcement.
The deal means AT&T will acquire HBO, Turner Broadcasting System and Warner Bros., which would give the telecom company ownership of television channels, publications and websites. The properties include Cinemax, The CW, Cartoon Network, CNN, TNT and TBS, which has deals to carry MLB and NBA games, DC Comics, Bleacher Report, SI.com and NASCAR.com.
AT&T's purchase of Time Warner includes small $500 million reverse break-up fee, in a sign of confidence it will pass anti-trust review, NBC News reported.
Republican presidential candidate Donald Trump said Saturday that under a potential GOP White House, his administration would not approve the deal.