AT&T announces it will buy Time Warner for nearly $86bn
Oct.23, Washington: The US telecoms giant AT&T has announced that it will buy entertainment group Time Warner for nearly $86bn (£70bn).
The deal was agreed at a meeting of the two boards on Saturday but will still need to be approved by regulators.
Correspondents say it is the biggest deal in the world this year.
It reflects the desire of the telecoms company to acquire content to stream over its high-speed network and attract more online viewers.
If the deal is approved by regulators, AT&T would gain control of the HBO and CNN TV networks in addition to the Warner Bros film studio and other prized media assets.
AT&T CEO Randall Stephenson said he did not anticipate any regulatory obstacles to the merger, saying any concerns could be overcome if concessions were made.
"This is a perfect match of two companies with complementary strengths who can bring a fresh approach to how the media and communications industry works for customers, content creators, distributors and advertisers," he said.
The deal is likely to be closely scrutinised by US antitrust regulators, as AT&T is already the third largest cable TV provider in the US.
Republican presidential nominee Donald Trump has said he will block the deal if he is elected.
"It's too much concentration of power in the hands of too few," he said on Saturday, before the deal was confirmed.
The Oslo Times International News Network