AT&T Inc. has reached an agreement to buy Time Warner Inc. for $86 billion, according to a person familiar with the plans, in a deal that would transform the phone company into a media giant.

Note: Remember, this is NOT the original AT&T company. AT&T was purchased by Southwestern Bell and decided to keep the name as it is more widely known.

Regardless, Wall Street Journal link: http://www.wsj.com/articles/at-t-reaches-deal-to-buy-time-warner-for-more-than-80-billion-1477157084?mod=BNM/