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

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AT&T is the last major carrier to do away with two-year service contracts.Reuters

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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.