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AT&T buys HBO, CNN, and the rest of Time Warner for more than $80 billion

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On October 23, AT&T officially announced the deal of acquiring Time Warner for more than $80 billion and also highlighted about the company’s ability to distribute content to its subscribers. From this deal, AT&T will gain control of huge entertainment and news brands including HBO, Warner Bros. Entertainment, CNN, and as one of Time Warner’s holdings is DC Comics, the company will also be acquiring Batman.

AT&T’s deal with Time Warner that surfaced first from Friday, combines a telecom giant that owns a leading cellphone business, DirecTV and internet service with the company behind some of the world’s most commendable entertainment, including “Game of Thrones,” the “Harry Potter” franchise and professional basketball. Other similar mergers include the Comcast / NBC Universal deal, which completed in 2011, and Verizon’s purchase of AOL and Yahoo over the past year.

AT&T CEO Randall Stephenson, who will run the combined company, said the deal will allow AT&T to offer unique services, particularly on mobile, though he didn’t provide details. Jeff Bewkes, the Time Warner CEO who will stay with the company for an undefined transition period, added that more money will help fund production of additional programming and films.

AT&T CEO Randall Stephenson as well as Time Warner CEO Jeff Bewkes stressed that it will be easier to “innovate” when the companies are joined and don’t have to negotiate usage rights at arm’s length. The combined company is also likely to lean more heavily on advertisements targeted at individuals based on their interests and personal details.

Source : Chicago Tribune

 

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