Article information gathered by: Jay Christoph
Via MSN, information has been given about the deal between AT&T Inc and Time Warner Inc that resulted in the buyout of Time Warner and its daughter companies, which also includes DC Entertainment and its properties. The buyout reached conclusion with an $85.4 billion dollar deal that would seemingly evolve the phone company into a media powerhouse.
AT&T agreed to pay $107.50 a share, they said in a press release on Saturday Night. The deal will be 50/50. Meaning that it will be half cash and half stock.
AT&T Chief Executive Randall Stephenson will become the head of the new company and Time Warner Chief Executive Jeff Bewkes will leave after an interim period following the deal, says an unknown source.
The purchasing of Time Warner will put telecom giant Mr. Stephenson, 56 years old, at the throne of a business that combines the carrier’s millions of wireless and pay-television subscribers with Time Warner’s extensive media lineup including networks such as CNN,TNT, HBO Channel and Warner Bros. film and TV studio