Newswire: AT&T buys Time Warner for $85 billion, giving it HBO, CNN, and Warner Bros.

All hail AT&T, first of its name, king of the Andals and the First Men, lord of the Seven Kingdoms, and protector of the realm. As reported by The Wall Street Journal (via The Verge), AT&T has just reached a deal to buy Time Warner for $85.4 billion dollars, with AT&T itself confirming the acquisition in a lengthy post on its site. This all means that AT&T has transformed itself from a telecommunications company into a media empire in one fell swoop, because it now controls all of the big entertainment brands owned by Time Warner. These include CNN, HBO, and Warner Bros.—which happens to own DC Comics. In other words, we can now start blaming AT&T when the DC movies are bad instead of just Time Warner.

For those who don’t follow the slightly unsettling world of giant corporate mergers too closely, it’s probably important …

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