AT&T Wants to Own a Media Company — Here's Who They Could Buy

Is AT&T trying to transform into a media and advertising company? Executives in the industry tell CNBC that there has been extensive chatter on the topic all year, with some going so far as to say the telecom giant might make a move sooner than later.

AT&T is mum about its plans, and declined to comment for this story. But strategically, analysts say it makes sense, and — with cash and cash equivalents of $7.2 billion according to its Q2 earnings —such a decision is well within their capability. (The New York Post reported a similar rumor earlier in the year.)

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