Time Warner Chairman and CEO Jeff Bewkes said, “This is a great day for Time Warner and its shareholders.
AT&T and Time Warner today announced they have entered into a definitive agreement under which AT&T will acquire Time Warner in a stock-and-cash transaction valued at $107.50 per share.
Post-transaction, Time Warner shareholders will own between 14.4% and 15.7% of AT&T shares on a fully-diluted basis based on the number of AT&T shares outstanding today.
Time Warner also has invested in over-the-top and digital media properties such as Bleacher Report, Hulu and Machinima.