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Verizon plans on buying Time Warner, cable channels, sports channels and some other assets, a person familiar with the matter said.
Verizon also intends to acquire a majority stake in NBCUniversal and Disney.
Time Warner has a pending acquisition bid for Hulu, the entertainment company that will be part of Verizon’s new streaming service.
The person, who was not authorized to discuss the matter publicly and requested anonymity, said Verizon also expects to purchase Time Warner assets such as AMC Networks, Fox networks and Warner Bros. television channels.
The acquisition is part of a broader push by Verizon to gain more control of its Internet properties, which have been under intense consolidation since 2010, and to acquire smaller media companies to bolster its own cable TV service.