[Update: AT&T has officially announced that it will acquire Time Warner for $107.50 per share. The deal will now go through the usual legal process to ensure the companies comply with anticompetitive regulations.]
After a few days of deliberations, the Wall Street Journal is reporting that the deal is done. AT&T has agreed to buy Time Warner for more than $80 billion. This values Time Warner shares at around $105 each, a significant premium over the closing price of $89 on Friday. The deal will entrench the carrier further into the entertainment business; AT&T and Time Warner are expected to announce the acquisition as soon as later today.