AT&T buys Time Warner for $85.4 billion

AT&T and Time Warner announced a landmark acquisition agreement on October 22, 2016, where AT&T would pay $85.4 billion in cash and stock to acquire Time Warner and assume debts of 23.3 billion for a total offer of $108.7 billion. Upon the merger's completion, AT&T would gain ownership of Time Warner. At the time, AT&T, was already the largest telecommunications company and Pay-Tv distributor, and fears were expressed about growing consolidation in the entertainment industry. Citing concerns of unfair consumer practices, the Department of Justice sued AT&T on November 20, 2017, to block the merger. The court trial between AT&T and the DOJ lasted for six weeks from March to June 2018 and was often called “the antitrust trial of the century.” On June 12, 2018, the U.S.