AT&T may be in talks to buy Time Warner for $80B

NEW YORK (AP) — Grab some popcorn — AT&T wants to take you to the movies.

At least that’s the word on Wall Street after several reports citing unnamed sources said the giant phone company is in advanced talks to buy Time Warner, owner of the Warner Bros. movie studio as well as HBO and CNN. AT&T is said to be offering $80 billion or more, a massive deal that would shake up the media landscape.

The acquisition would combine a telecom giant with a leading cellphone business, DirecTV and internet service with the company behind some of the world’s most popular entertainment, including “Game of Thrones,” ”The Big Bang Theory” and professional basketball. It would be the latest in a scramble of tie-ups between the owners of digital distribution networks  and entertainment and news providers, all aimed at shoring up businesses upended by the internet.