AT&T completed its acquisition of Time Warner, bringing together global media and entertainment leaders Warner Bros, HBO and Turner with AT&T’s leadership in technology and its video, mobile and broadband customer relationships. Under the terms of the merger, Time Warner shareholders received 1.437 shares of AT&T common stock, in addition to $53.75 in cash, per share of Time Warner Inc. As a result, AT&T issued 1.185m shares of common stock and paid $42.5bn in cash. “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. We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.” Randall Stephenson, AT&T Chairman and CEO.