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

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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

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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 is a reporter for NBC News.

David Faber, CNBC contributed.