AT&T - Time Warner merger deal is reached, $85.4 billion in cash and stock will change hands if approved.

AT&T's proposal to buy Time Warner Inc's media division for $85.4 billion is now final. Announced on the company's press site, the deal settled at $107.50 per share and was half cash and half stock. This will give AT&T possession of cable networks such as CNN, TNT, and HBO as well as Warner Bros. film and TV studio. AT&T CEO Randall Stephenson will continue to head the company and Time Warner CEO Jeff Bewkes will remain for an interim period then depart.

This puts AT&T/Time Warner alongside Comcast/NBC Universal as companies that control large cable or telecom pipes and content houses to produce media to distribute on them. According to the Wall Street Journal, many regulators have expressed misgivings about the approval of the Comcast-NBC U deal and a "rigorous regulatory review" is expected. The deal, if approved, isn't likely to close until late 2017.

This shouldn't have any effect on AT&T's mobile business, outside of any content distribution they may choose to offer.