Earlier on Sunday, AT&T has reached to an agreement in principle to buy American cable telecommunications company Time Warner for $85 billion on Friday but the news announced as early as Sunday by an unknown source.
The telecommunication giant company AT&T revealed, it has agreed in principle to buy American cable Telecommunication Company Time Warner for around $ 85 billion, the deal could be the year’s biggest deal in the world.
The Time Warner Inc is giving all rights and control of Telecommunication Company’s cable TV like CNN, HBO and film studios.
However, the deal held on Friday but the most of terms have to finalized as early as Sunday, the major deal where AT&T has valued $ 110 per share to Time Warner would have to announced on Sunday. The Principles considered the stepping stone of a contract in Law for the year’s biggest deal in the world in sector of Telecommunication Companies.
An unnamed source revealed, the payment will be made both by AT&T stock and in cash. The AT&T Inc, famous for broadcasting services and selling phones has been moving itself to media power houses with change in trend of technology.
The AT&T already made an appreciative move for buying satellite TV provider and Direct TV last year with a heavy amount of $ 48.5 billion.
The telecommunication giant company has stepped into joint venture of Otter Media in 2014 while other joint ventures of 2014 includes the investment in media business with Chernin group as well as rolled out in video streaming activities.
The American Cable Telecommunication Company Time Warner’s share rose to peak of 8 percent share in regular trading while share raised $ 3.4 percent after some hours to $ 92.50.