How Time Warner Shareholders Lost M&A’s Game of Thrones

When big company mergers go south, it’s usually the buyer who has regrets. But in the case of AT&T’s $81 billion purchase of Time Warner, it is the sellers who are now likely to be feeling remorseful.

Time Warner shareholders received a price for their stock 6.5% below what was announced, thanks to a blunder made by Time Warner management when they negotiated the deal. And the value of what shareholders got has fallen even further since then.