AT&T has finalised an $85 (£60.34bn) billion acquisition of Time Warner, after a US federal judge ruled that the deal would be legal earlier this week.
The move has been on hold for a near seven months, after the Trump administration blocked it. The administration argued that a merger between the companies would harm consumers.
AT&T had responded that it needed the acquisition to be able to compete with tech powerhouses Amazon and Netflix.
“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,” AT&T chairman and CEO Randall Stephenson said in a statement.
“We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”
Time Warner’s chairman and CEO Jeff Bewkes will remain with the company as senior adviser during the transition period, according to the company.
Time Warner assets will now fall under AT&T’s media businesses under entertainment chief John Stankey. The media business is also set for a new name.
The merger becomes one of the latest M&A moves made by media powerhouses at the moment. This week, we also learned that Comcast has offered to buy Fox assets for $65 billion.
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