Mere hours after the U.S. Justice Department said it won’t seek an injunction to stop the merger, AT&T announced Thursday night it has completed its $85.4 billion acquisition of Time Warner, the parent company of Warner Bros., DC Entertainment, CNN and HBO.
The news arrives just two days after a federal judge approved the deal with no restrictions, a decision that spurred Comcast to enter a bidding war with Disney for the key assets of 21st Century Fox.
RELATED: AT&T-Time Warner Deal Approved By Federal Judge
The Time Warner acquisition gives AT&T control of not only DC Entertainment and Warner Bros.’ film, television and interactive divisions, but also Hanna-Barbera Productions and cable networks like HBO, CNN, TNT, TBS and Cartoon Network. In addition, Time Warner jointly owns The CW with CBS.
“The content and creative talent at Warner Bros., HBO and Turner are first-rate,” Randall Stephenson, chairman and CEO of AT&T Inc., said in a statement. “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. We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”
The news arrives just two days after a federal judge approved the deal with no restrictions, a decision that spurred Comcast to enter a bidding war with Disney for the key assets of 21st Century Fox.
RELATED: AT&T-Time Warner Deal Approved By Federal Judge
The Time Warner acquisition gives AT&T control of not only DC Entertainment and Warner Bros.’ film, television and interactive divisions, but also Hanna-Barbera Productions and cable networks like HBO, CNN, TNT, TBS and Cartoon Network. In addition, Time Warner jointly owns The CW with CBS.
“The content and creative talent at Warner Bros., HBO and Turner are first-rate,” Randall Stephenson, chairman and CEO of AT&T Inc., said in a statement. “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. We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”