AT&T announces acquisition of Time Warner for $85.4 billion.

AT&T announced on October 22, 2016, that it had reached an agreement to acquire Time Warner in a deal valued at approximately $85.4 billion. The transaction combined AT&T’s nationwide telecommunications and wireless operations with Time Warner’s portfolio of media and entertainment assets, including film, television, and cable networks. Under the terms of the agreement, AT&T offered $107.50 per share of Time Warner stock in a mix of cash and stock. Time Warner’s businesses at the time included Warner Bros. film and television studios, HBO, and Turner Broadcasting, which operated networks such as CNN, TBS, and TNT. AT&T stated that the acquisition was intended to pair premium content with its distribution platforms, including mobile, broadband, and satellite television services. The announcement immediately drew regulatory scrutiny in the United States, particularly from the Department of Justice, which raised antitrust concerns about the vertical integration of a major distributor and a major content producer. After a lengthy review and legal challenge, the acquisition was ultimately approved by a federal court in June 2018, allowing AT&T to complete the transaction. Following the deal, Time Warner was rebranded as WarnerMedia and operated as a subsidiary of AT&T until later corporate restructuring in the early 2020s.