(NEW YORK) -- AT&T has reached a deal to buy Time Warner for $85.4 billion, with the phone company paying $107.50 per share.
The new cable giant will rival Comcast Corp.'s purchase of NBCUniversal in 2011, but the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights will hold a hearing on the deal in December, according to a spokesperson for Sen. Mike Lee, the chairman of the subcommittee.
AT&T would have access Time Warner's media portfolio including HBO, Warner Bros. Entertainment, and multiple cable networks (TNT, TBS, CNN and Cartoon Network/Adult Swim).
AT&T CEO Randall Stephenson called the proposed merger a "perfect match."
“Premium content always wins," he said in a statement. "It has been true on the big screen, the TV screen and now it’s proving true on the mobile screen. We’ll have the world’s best premium content with the networks to deliver it to every screen."
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