AT&T announced on Saturday that the telecommunications giant has entered into an agreement to purchase media company Time Warner for an amount that’s estimated to be more than $85 billion ($107.50 per share). The transaction isn’t expected to close until the end of 2017 and has been approved unanimously by the board of directors of each company.

AT&T Announces Time Warner Acquisition

AT&T Announces Time Warner Acquisition

The deal is a mixture of stock and cash and will see AT&T adding major media properties such as HBO, Warner Bros. studio, TNT, TBS, CNN, Cartoon Network, and the broadcast rights to the National Basketball Association, March Madness, Major League Baseball, and even digital properties like Hulu, Bleacher Report, CNN.com, and Fandango. This appears to be complementary to AT&T’s DirecTV play, a company that was acquired in a $45.8 billion deal two years ago.

AT&T’s chief executive Randall Stephenson will be the new head of the combined company while Time Warner’s leader Jeff Bewkes will be leaving after an interim period, according to The Wall Street Journal.