Telecommunications conglomerate AT&T announced that it’ll purchase the media company Time Warner. According to reports, the deal stands at over 80 billion dollars. Earlier today, Republican candidate Donald Trump addressed the deal, claiming it’s a “deal we will not approve in my administration.”
AT&T Photo Credit: Reuters/Channel 2 News
The American multinational telecommunications conglomerate AT&T announced last night (Saturday) that it will purchase the media company Time Warner for a total sum of 80 billion dollars. Today, Republican candidate Donald Trump said that if he is elected to office, he does not intend to approve this deal.
After previously declaring their intent to purchase a media company, the heads of AT&T announced yesterday that they’ve reached an agreement in which AT&T will buy Time Warner’s stocks for 105-110 dollars each, bringing the total price of the acquisition to over 80 billion dollars.
Time Warner Photo Credit: Reuters/Channel 2 News
With the acquisition, the new company will be able to connect the millions of AT&T customers to the various media companies owned by Time Warner including networks such as TNT, CNN, HBO and the movie studio Warner Bros. This deal is a continuation of AT&T’s strategic buy-in into the television market due to the dry spell running over the American cellular market.
Earlier today, Trump addressed the deal that’s forming between the two conglomerates. Trump stated that this deal is “a deal we will not approve in my administration because it’s too much concentration of power in the hands of too few.” AT&T and Time Warner refused to react to Trump’s statements.