by Keach Hagey and Thomas Gryta
AT&T Inc. T, -3.00% has reached an agreement to buy Time Warner Inc. TWX, +7.82% for between $105 and $110 a share, with a deal likely to be announced as soon as Saturday evening, according to people familiar with the plans.
The boards of the two companies are meeting on Saturday to approve the transaction, the people said. The deal is half cash and half stock, according to one of the people.
The acquisition is valued at more than $80 billion and pushes the carrier deeper into the traditional entertainment business at a time of stalled wireless growth.