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AT&T, Time Warner reportedly strike buyout deal

The telecommunications giant has reached an agreement to buy the media conglomerate, according to The Wall Street Journal.

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AT&T has struck a deal to buy Time Warner in an acquisition valued at more than $80 billion, according to The Wall Street Journal, which cited unnamed people familiar with the plans.

The two companies' boards are meeting Saturday to approve the half-cash, half-stock deal, and an official announcement could come as early as Saturday evening, the Journal said.

If the news turns out to be true, and regulators allow the buyout to go through, the acquisition price would make this one of the biggest deals ever in the tech industry.

Neither AT&T nor Time Warner immediately responded to a request for comment.