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AT&T Acquires Time Warner Inc.

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, evenly split between cash and stock. The companies said they expect the deal to close by the end of 2017. AT&T Chief Executive Randall Stephenson would head the new company, as the surviving entity. The companies said Time Warner Chief Executive Jeff Bewkes would stay for an interim period following the close of the deal to help with the transition. The combined business would pair the carrier’s millions of

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