U.S. telecom giant, AT&T is planning a merge with Time Warner that could shake up the media landscape.
The merge is an $85.4-billion deal.
The acquisition would combine Time Warner’s properties of the Warner Bros. movie studio, CNN and HBO with those of AT&T’s leading cellphone business, DirecTV and Internet service.
According to Dealogic, the merger would make Time Warner the target of two largest media-company acquisitions on record. Those statistics currently include AOL’s disastrous $94-billion acquisition of Time Warner in 2000.
Shares of AT&T, as is typical of acquirers in large deals, fell on reports of a deal in the works on Friday, ending the day down 3 per cent.
Regulators still have to sign off on the deal.
– With files from The Associated Press and Canadian Press.