A blockbuster deal in the American media landscape. An 85.4-billion dollar merger between AT&T and Time Warner was reached but still needs regulators to sign off on the deal. Time Warner owns the Warner Bros. movie studio as well as CNN and HBO. AT&T’s properties include a leading cellphone business, DirecTV and Internet service. The deal would make Time Warner the target of the two largest media-company acquisitions on record. The highest was AOL’s disastrous $94 billion acquisition of Time Warner at the end of the dot-com boom. Columbia University Law Professor Eric Talley says today’s deal brings together two companies that were already converging.