Following rumors earlier this week of an imminent deal, The Wall Street Journal is now reporting the AT&T has reached an agreement to acquire-Time Warner. AT&T will reportedly pay between $105 and $110 per share for Time Warner, making the deal worth more than $80 billion. Time Warner shares closed at $89.48 on Friday after spiking on rumors that a merger deal with AT&T could be announced as soon as this weekend. According the WSJ , AT&T and Time Warner's boards are meeting this afternoon and the final merger proposal could be announced later on Saturday. DON'T MISS:- iPhone 7 Plus vs Google Pixel speed tests: Closer, but Android was still crushed in the end As a result of its acquisition of Time Warner, AT&T will dive headfirst into the entertainment business — Time Warner companies include HBO, CNN, TNT and the Warner Bros. film and TV-studio. As WSJ noted, this acquisition-will be the largest media deal in years, provided it is approved by regulators. Rumors on Friday suggested that a number of other companies were closely watching negotiations between AT&T and Time Warner, including Apple . Apple had been rumored earlier this year to be considering making a play for Time Warner, and-the two companies had even met according to reports that broke late on Friday. Should it be approved, AT&T's acquisition of Time Warner will be its biggest deal since buying BellSouth for $85 billion in 2006.

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