A major merger involving a wireless player is now complete.
AT&T today completed its acquisition of Time Warner. This news comes days after a judge said that the two companies should be allowed to merge, despite the U.S. Department of Justice's attempt to block the merger.
AT&T originally announced its plans to acquire Time Warner for $85.4 billion back in 2016. Now that the deal is complete, Time Warner will join the likes of HBO, Turner, and Warner Bros., all of which are also part of AT&T's media business. A new name for the business will be announced in the future.
Here's what AT&T CEO Randall Stephenson had to say about the completion of the Time Warner acquisition:
“The content and creative talent at Warner Bros., HBO and Turner are first-rate. Combine all that with AT&T’s strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience. We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”
In addition to its media business, AT&T operates three other businesses. These are AT&T Communications, which includes AT&T's mobile, broadband, and video services; AT&T International, which offers mobile service in Mexico as well as pay TV service in 11 countries in South America and the Caribbean; and AT&T's advertising and analytics business.