The Wall Street Journal: AT&T to buy Time Warner in $85.4 billion cash-and-stock deal

AT&T Inc. has reached an agreement to buy Time Warner Inc. for $85.4 billion in a deal that would transform the phone company into a media giant.

The wireless carrier agreed to pay $107.50 a share, evenly split between cash and stock. The companies said they expect the deal to close by the end of 2017.

AT& T, -3.00% Chief Executive Randall Stephenson would head the new company. The companies said Time Warner TWX, +7.82% Chief Executive Jeff Bewkes would stay for an interim period following the close of the deal to help with the transition.

he combined business would pair the carrier’s millions of wireless and pay-television subscribers with Time Warner’s deep media lineup, which includes networks such as CNN, TNT, the prized HBO channel and Warner Bros.

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