On October 22, 2016, AT&T officially announced that they intended on acquiring Time Warner for $85.4 billion (or $108.7 billion when including assumed Time Warner debt), valuing the company at $107.50 per share. The proposed merger was confirmed on June 12, 2018, after AT&T won an antitrust lawsuit that the U.S. The Justice Department filed in 2017 to attempt to block the acquisition. The deal was completed two days later, when the company became a subsidiary of AT&T. On May 17, 2021, nearly three years after the acquisition, AT&T decided to leave the entertainment business by announcing that it had proposed to sell its ownership of WarnerMedia in a merger with Discovery, Inc. to form a new publicly traded company, Warner Bros. Discovery. The deal closed on April 8, 2022.
$85B • 2018 • Acquisition
AT&T fought regulators for six years to acquire Time Warner for $85 billion, only to spin it off three years later.
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