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A massive merger of monstrous proportions could be coming if all goes according to plan for AT&T. The telecom giant has agreed to purchase Time Warner for more than $80 billion, according to the Wall Street Journal.
It’s unclear how much the final purchase price will be, though half of those funds will reportedly come from stocks. The deal is expected to take quite some time—perhaps a full year or more—until it’s finalized due to regulatory review.
An official announcement detailing more information about the acquisition is expected as early as Saturday evening.
Update 11:15pm CT Oct. 22: A deal has officially been reached. AT&T is set to pay $85.4 billion for Time Warner, forking over $107.50 per share in a cash and stock agreement. The boards of both companies have approved the deal, which includes the merging of properties like HBO, Warner Bros., and Bleacher Report, as well as a 10 percent stake in Hulu.
A former Weekend Editor at the Daily Dot, April Siese's reporting covers everything from technology and politics to web culture and humor. Her work has been published by Bustle, Uproxx, Death and Taxes, Rolling Stone, the Daily Beast, Thrillist, Atlas Obscura, and others. Siese joined Quartz in December 2016.