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AT&T Inc is set to announce as early as Saturday an $85 billion deal to buy Time Warner Inc , sources familiar with the matter said, giving the telecom company control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted media assets. Telecommunications companies have been looking for quality content to stream over their high-speed networks, hoping to attract a growing group of viewers who want to ditch traditional pay-TV packages in favor of streamlined offerings or watching online. AT&T will pay $110 per Time Warner share, half in cash and half in stock, worth about $85 billion overall, sources told Reuters.
New York (AFP) - Telecom giant AT&T has struck a deal to buy entertainment company Time Warner for more than $80 billion, to add in-house content to its distribution services, a banking source familiar with the negotiations said Saturday.