AT&T Reaches Deal to Buy Time Warner for $85.4 Billion – Wall Street Journal

AT&T Inc. has reached an agreement to buy Time Warner Inc. for $85.4 billion in a deal that would transform the phone company into a media giant.

The wireless carrier agreed to pay $107.50 a share. The deal is half cash and half stock.

AT&T Chief Executive Randall Stephenson would head the new company. The companies said Time…

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