AT&T Takes Over Time Warner

New York: AT&T, the telecommunications giant has agreed to buy the Time Warner, home of HBO and CNN, for about $85.4 billion, the New York Times reported on Saturday. Both companies said their respective boards have unanimously approved the deal.

The acquisition will create a new colossus capable of both producing content and distributing it to millions with wireless phones, broadband subscriptions and satellite TV connections, NYT said.

The proposed deal is likely to spur yet more consolidation among media companies, which have already looked to partners to get bigger. This year, Lionsgate struck a deal to buy the pay-TV channel Starz for $4.4 billion. And the Redstone family, which controls both CBS and Viacom, has urged the corporate siblings, which split 10 years ago, to consider reuniting, the paper said.

Earlier, Comcast took over NBCUniversal for $30 billion and Verizon Communications acquired Huffington Post and Yahoo!

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