(CNN-KWQC) – AT&T and Time Warner have announced one of the largest mergers the media industry has ever seen.
The two companies said Saturday they had agreed to a tie-up worth $85 billion dollars.
AT&T’s business is traditionally based on wireless and internet service, but the merger would allow the company to expand into programming and gain access to Time Warner’s channels, such as CNN, TNT, and HBO.
The deal needs to be approved by government regulators, which could take more than a year to complete.
Senate Judiciary Committee Chairman Chuck Grassley of Iowa made the following statement Monday regarding the proposed deal between AT&T and Time Warner:
“This is the biggest deal of the year, combining one of the nation’s largest telecommunications providers with a media and entertainment giant. It’s imperative that the antitrust regulators conduct a robust review of the proposed acquisition. As the process moves forward, the Senate, and the Judiciary Committee, can and will conduct oversight and ask questions about the transaction, including a hearing to examine the impact on competition and consumers.”