BREAKING

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

This version of T Reaches Deal Buy Time Warner More 80b Sources N671226 - Business and Economy | NBC News Clone was adapted by NBC News Clone to help readers digest key facts more efficiently.

AT&T has reached a deal to acquire Time Warner for $85.4 billion in a blockbuster deal that could reshape the media industry.

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

Oct. 22, 2016, 3:42 PM EDT / Updated Oct. 22, 2016, 9:29 PM EDT

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.

Phil Helsel

Phil Helsel is a reporter for NBC News.

David Faber, CNBC contributed.

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