AT&T’s Acquisition of Time Warner is a Done Deal
AT&T’s acquisition of Time Warner is now a done deal. CNN’s Brian Stelter tweeted the news on Thursday evening.
“It’s official: AT&T now owns Time Warner. The deal just took effect,” Stelter wrote. “The Time Warner name will be retired: AT&T says “a new name for this business will be announced later…”
It’s official: AT&T now owns Time Warner. The deal just took effect. The Time Warner name will be retired: AT&T says “a new name for this business will be announced later…”
— Brian Stelter (@brianstelter) June 15, 2018
Randall Stephenson, chairman and CEO of AT&T, also said in a statement:
“The content and creative talent at Warner Bros., HBO and Turner are first-rate. Combine all that with AT&T’s strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience. We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”
The deal comes just after the Justice Department announced in a court filing that they would not ask for a stay in order to stop the merger.
That filing paved the way for the merger to take place immediately.
The new deal will allow put Time Warner’s huge stable of TV shows and movies under the same stable as AT&T’s enormous distribution system.
The Turner networks, which include CNN, HLN, TNT and TBS will now be owned by AT&T.
[image via screengrab]