US telecoms giant AT&T has completed the $85 billion acquisition of Time Warner Inc, closing a deal that has been nearly two years in the making, according to Total Telecom.
The deal had been opposed by US President, Donald Trump, on the grounds that it would reduce competition. However, the deal has now been completed, paving the way for IoT to dramatically increase its converged media offerings.
“The content and creative talent at Warner Bros., HBO and Turner are first-rate. 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,” said Randall Stephenson, chairman and CEO of AT&T Inc.
“We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”
Earlier this year, AT&T was revealed as the world's biggest telco, amassing revenues of $152.7 billion.
The deal means that AT&T's Media Business division now boasts a range of US household names, including HBO, Turner and Warner Bros, which created combined revenues of around $31 billion in 2017. AT&T is expected to rename its Media Business division later this year.