AT&T completes $85 billion Time Warner acquisition

AT&T on Thursday evening said that it has completed its $85 billion purchase of Time Warner, just two days after a judge ruled that the deal could proceed over objections from U.S. antitrust regulators.

• The Department of Justice did not file for an emergency stay of the judge's ruling, per the judge's request, but still reserves the right to appeal.

Why it matters: This marks the beginning of a series of media mega-mergers that could reshape who owns the content Americans consume and the mechanisms through which they consume it.