AT&T has purchased Time Warner Inc. for a whopping $85 billion in a blockbuster deal that will forever alter the entertainment landscape in America. As The Los Angeles Times reports, the telephone company now owns Time Warner’s impressive entertainment portfolio, which includes Warner Bros. HBO, CNN, Cartoon Network, TBS and TNT.
Some observers are already predicting that the historic merger will be scrutinized by Washington regulators.
Even Donald Trump spoke out against the during his Saturday speech in Gettysburg, saying that the deal gives AT&T “too much concentration of power.”
“We’ll look at breaking this deal up,” Trump added.
The deal comes at a time when millennials are consuming content on their mobile devices more than ever. AT&T suddenly becomes an entertainment behemoth, on par with the likes of both Netflix and Disney.
“This is a perfect match of two companies with complementary strengths who can bring a fresh approach to how the media and communications industry works for customers, content creators, distributors and advertisers,” AT&T Chairman and CEO Randall Stephenson said in a statement. “We intend to give customers unmatched choice, quality, value and experiences that will define the future of media and communications.”
In other words, AT&T will now have exclusive rights to distribute Time Warner’s massive portfolio of original content. “Combining with AT&T dramatically accelerates our ability to deliver our great brands and premium content to consumers on a multiplatform basis and to capitalize on the tremendous opportunities created by the growing demand for video content,” added Time Warner Chairman and CEO, Jeff Bewkes.
Your move, Verizon.