AT&T agrees in principle to buy Time Warner for $85 billion: sources

AT&T, which sells wireless phone and broadband services, has already made moves to turn itself into a media powerhouse, buying satellite TV provider DirecTV last year for $48.5 billion. AT&T will pay $110 per Time Warner share, or about $85 billion overall, sources told Reuters. Time Warner's shares rose almost 8 percent in regular trading, and a further 4.5 percent after hours, to $93.25, giving it a market value of about $73 billion.