AT&T Inc. have made a tentative agreement to buy Time Warner Inc. for approximately $85 billion, according to Reuters. The deal, which could reportedly be finalized as soon as Sunday, would have the telecommunications giant pay $110 for each share of Time Warner, whose stock is currently trading at $93.25.
Time Warner owns both DC Entertainment and Warner Bros., as well as cable networks HBO, CNN, TNT, and TNT among others. In 2014, 21st Century Fox attempted to buy out the company for $80b but failed.
In 1967, DC Comics was sold to Kinney National Company, who later purchased Warner Bros.-Seven Arts and eventually renamed itself as Warner Communications. In 1989, Warner Communications merged with Time Inc. to become Time Warner.
AT&T bought satellite TV provider DirectTV in 2015 for $48.5 billion.