U.S. wireless carrier is buying media entertainment conglomerate Time Warner for a reported $80 billion as consolidation continues in media and technology industries. AT&T has reportedly agreed to pay $107.50 a share in a half-cash, half-stock deal, The Wall Street Journal reported Saturday. Time Warner, which does not have a controlling shareholder, reported $28 billion in 2015 revenue.
The media giant had a market capitalization of $68 billion before rumors of a possible takeover bid. AT&T currently has a market capitalization of more than $230 billion.