The year 2016 saw some major mergers and acquisitions with the most expensive being the acquisition of Time Warner by American telecommunications giant AT&T for $85.4 billion (₹5.80 lakh crore). In June 2016, Microsoft agreed to buy business-oriented social networking service LinkedIn for $26.2 billion (₹1.78 lakh crore), with Jeff Weiner retaining the position of LinkedIn's CEO.