BREAKING: AT&T will buy Time Warner in a deal worth $85.4 billion, making it one of the largest media mergers ever.

The deal will be paid in 50% cash, 50% stock.  AT&T will pay $107.50 per share.

The deal still needs to be approved by government regulators.

AT&T is one of the largest telecoms in the world.  The merger now ties together its cellphone business, DirecTV and internet service with Time Warner’s entertainment and news programming.

The deal would make Time Warner the target of the two largest media-company acquisitions on record, according to Dealogic. The highest was AOL’s disastrous $94 billion acquisition of Time Warner at the end of the dot-com boom.

Donald Trump in a speech Saturday said he would do everything possible to block a deal of this kind if he was elected president.  His concern is a merger of this size prevents the public from being informed in an unbiased manner.

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