Old Media, New Love: AT&T And Time Warner Reach $85B Deal

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Old Media, New Love: AT&T And Time Warner Reach $85B Deal

AT&T (NYSE: T) has agreed to acquire Time Warner (NYSE: TWX) in a stock-and-cash transaction valued at $107.50 per share, a mega-merger that combine AT&T’s wireless, broadband and satellite TV services with Time Warner’s vast portfolio, which includes the Warner Bros. movie studio and cable TV networks like CNN and HBO.

AT&T – Time Warner Merger

The purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner’s net debt. The agreement has been approved unanimously by the boards of directors of both companies.

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Reports of a potential deal proliferated the headlines Friday, and investors seemed to like the idea—at least from Time Warner’s perspective. TWX stock shot up from below $80 per share on Thursday to nearly $94 at one point, finishing the day at $89.48 per share and giving the company a market value of about $70 billion. AT&T stock, meanwhile, took a bit of a tumble after reports of an approaching deal, falling about 3% from end-of-