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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
By JeeYeon Park and Phil Helsel
In this Tuesday, May 26, 2015 file photo, people walk by an entrance to the Time Warner Center in New York.AP
JeeYeon Park

JeeYeon Park is a writer for CNBC.com.

Image: Phil helselPhil Helsel

Phil Helsel is a reporter for NBC News.

David Faber, CNBC contributed.