A trader walks by the post that handles Time Warner on the floor of the New York Stock Exchange, Monday, Oct. 24, 2016. (AP Photo/Richard Drew)
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AT&T Inc. Chief Executive Randall Stephenson Monday told investors he expects the planned $85.4 billion acquisition of Time Warner Inc. to receive regulatory clearances as investors showed skepticism by pushing shares of both companies lower. AT&T said Saturday it had agreed to buy Time Warner for $107.50 per share, giving it control of cable TV channels HBO and CNN, film studio Warner Bros., and other coveted assets in a deal that will reshape the media landscape if it receives government approvals.Shares of AT&T fell 2.4 percent to $36.58 and shares of Time Warner tumbled 2 percent to $87.7 in morning trade on the New York Stock Exchange.Dallas-based AT&T said Saturday the deal would need approval of the U.S. Justice Department and the companies were determining which Time Warner U.S. Federal Communications Commission licenses, if any, would transfer to AT&T as part of the deal.
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