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After a report just two days ago that AT&T and Time Warner had engaged in "informal" talks about a possible merger, the two companies have reached a deal in which the telecommunications powerhouse will buy Time Warner for $107.50 per share, or about $85 billion, half in stock, half in cash. The deal was officially announced tonight in a video message from Time Warner CEO Jeff Bewkes.
"The driving force," said Bewkes, "is not cost savings it's growth opportunity."