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AT&T in talks to acquire Time Warner: Reports

By Ed Adamczyk
Pedestrians walk by the Time Warner Center in Columbus Circle on October 23, 2016 in New York City. AT&T and Time Warner have agreed to an $85 billion deal one of the biggest media tie-ups ever. The move, announced Saturday evening, will help AT&T expand beyond wireless and Internet service into programming. Time Warner (TWX) is the parent of CNN, TNT, HBO, the Warner Bros. studio, and other channels and websites. Photo by John Angelillo/UPI
Pedestrians walk by the Time Warner Center in Columbus Circle on October 23, 2016 in New York City. AT&T and Time Warner have agreed to an $85 billion deal one of the biggest media tie-ups ever. The move, announced Saturday evening, will help AT&T expand beyond wireless and Internet service into programming. Time Warner (TWX) is the parent of CNN, TNT, HBO, the Warner Bros. studio, and other channels and websites. Photo by John Angelillo/UPI | License Photo

DALLAS, Oct. 21 (UPI) -- AT&T Inc. is negotiating to acquire Time Warner Inc., people familiar with the talks said.

Reports differ regarding how close to completion the talks have developed. Though a deal could occur as early as this weekend, it could still fall through or be delayed, the Wall Street Journal reported Friday.

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An acquisition would likely involve a cash-and-stock transaction, the newspaper said, although those familiar with the negotiations say neither side has hired a financial adviser thus far.

A deal, if one is made, would bring together AT&T's capabilities in wireless, broadband and satellite television data transmission with Time Warner's supply of programming, which includes the TNT, TBS, CNN and HBO channels, as well as the Warner Brothers film and television studios. Time Warner was valued at more than $75 billion when 21st Century Fox Inc. unsuccessfully attempted to acquire it in 2014 for $85 per share. Time Warner shares have increased 23 percent in value since the start of 2016.

AT&T stock has gained 12 percent this year, making it worth $238 billion. The company has moved, since the 1982 breakup of the Bell System in 1982, from regional telephone company Southwestern Bell to a power in national telecommunications. Last year it purchased satellite television provider DirecTV for $48.5 billion.

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