The acquisition faces at least a year of scrutiny from US competition regulators.
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AT&T has promised to use its proposed $84bn purchase of Time Warner to revolutionise mobile entertainment as it unveiled a deal that will unite companies instrumental in the creation of the communications industry, provided it is approved by regulators.Time Warner has agreed to pay a $1.7bn break-fee to AT&T if it opts to sell to another buyer while AT&T will pay Time Warner $500m if regulators block the deal, according to two people close to the negotiations."That's been true on the big screen, the TV screen and we believe it is true on the mobile screen".He acknowledged that AT&T would be legally obliged to share the content produced by Time Warner with other distributors but said owning its own film and television programming would drive innovation. AT&T and Time Warner expect the deal to be handled similarly to Comcast's 2011 purchase of NBC Universal, which also married a distributor and content provider.
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