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AOL in talks to take over AT&T's cable division

NEW YORK - AT&T has entered into discussions with AOL Time Warner which could see the media and internet juggernaut take over the telecoms firm's cable division.

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The news comes just two weeks after AT&T rebuffed an unsolicited $40bn (£28.1bn) takeover bid by ComCast because it said the offer did not reflect the "full value" of the cable business.

By rejecting the ComCast bid and announcing that it would explore financial and strategic alternatives, AT&T effectively put the business up for sale, according to a report in the Wall Street Journal.

AOL co-chief operating officer Richard Parsons is said to be holding negotiations with AT&T chairman and chief executive C. Michael Armstrong. Gerald Levin is reported to have also been involved in the talks.

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