December 8, 2019
Business

AT&T Completes $85B Acquisition Of Time Warner

AT&T/Time Warner

AT&T has finalized its $85 billion deal to acquire Time Warner, two days after a federal judge cleared the way and ruled in favor of the merger over objections from the U.S. Department of Justice.

“The content and creative talent at Warner Bros., HBO and Turner are first-rate. Combine all that with AT&Ts strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience,” said Randall Stephenson, chairman and CEO of AT&T Inc. “Were going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”

Jeff Bewkes, the chairman and CEO of Time Warner which includes Warner Bros, Turner and HBO, has agreed to remain with the company as a senior advisor during a transition period, AT&T said. The units will now be part of AT&Ts Media business under entertainment boss John Stankey.

“Jeff is an outstanding leader and one of the most accomplished CEOs around. He and his team have built a global leader in media and entertainment. And I greatly appreciate his continued counsel,” Stephenson said.

The Media business will get a new name.

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