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AT&T Reaches Deal to Buy Time Warner for $85 Billion

AT&T has reached a deal to acquire Time Warner for $85.4 billion in a blockbuster deal that could reshape the media industry.
Image: AT&T
AT&T is the last major carrier to do away with two-year service contracts.Reuters
In this Tuesday, May 26, 2015 file photo, people walk by an entrance to the Time Warner Center in New York.AP
David Faber, CNBC contributed.