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AT&T buying HBO and CNN owner Time Warner for $85.4 billion

AT&T buying HBO and CNN owner Time Warner for $85.4 billion

AT&T is buying Time Warner, the owner of the Warner Bros. movie studio as well as HBO and CNN, for $85.4 billion in a deal that could shake up the media landscape.

The acquisition would combine a telecom giant that owns a leading cellphone business, DirecTV and internet service with the company behind some of the world's most popular entertainment, including "Game of Thrones," the "Harry Potter" franchise and professional basketball. It's the latest big media acquisition by a major cable or phone company — deals like Comcast's 2011 purchase of NBC Universal, all aimed at shoring up businesses upended by the internet.

Regulators would have to...

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