AT&T to buy HBO, CNN, and the rest of Time Warner for more than $80 billion

The Wall Street Journal reports that AT&T has reached a deal to acquire Time Warner for more than $80 billion. News of the merger first surfaced on Friday, when Reuters and Bloomberg reported that the deal could top $85 billion. If successful, AT&T will gain control of huge entertainment and news brands including HBO, Warner Bros. Entertainment, and CNN, and resembles efforts by competing ISPs in recent years to create enormous media conglomerates. Since one of Time Warner's holdings is DC Comics, the wireless company will also be acquiring Batman.

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