Technology Other News 24 Oct 2016 Time Warner CEO says ...

Time Warner CEO says only AT&T approached with offer

REUTERS
Published Oct 24, 2016, 6:43 pm IST
Updated Oct 24, 2016, 6:45 pm IST
Several media outlets had reported that Apple Inc had also been interested in acquiring Time Warner.
Time Warner's shares were down 1.4 per cent at $88.19 before the opening bell on Monday. AT&T's shares were down 2.3 per cent at $36.62.
 Time Warner's shares were down 1.4 per cent at $88.19 before the opening bell on Monday. AT&T's shares were down 2.3 per cent at $36.62.

Time Warner Inc Chief Executive Jeff Bewkes said on Monday that AT&T Inc was the only company to make a takeover approach for the media group.

AT&T said on Saturday it had agreed to buy Time Warner for $85.4 billion, or $107.50 per share, to gain control of cable TV channels HBO and CNN, film studio Warner Bros, and other coveted media assets.

 

"Nobody else approached the company for a deal," Bewkes said in an interview on CNBC.

Several media outlets had reported that Apple Inc had also been interested in acquiring Time Warner. Time Warner's shares were down 1.4 per cent at $88.19 before the opening bell on Monday. AT&T's shares were down 2.3 per cent at $36.62.

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