AT&T has acquired Time Warner for $85.4 billion (£70 billion), in a move that will see it create one of the world's largest media companies.

If the deal is approved by regulators, AT&T will gain control of television channels HBO, CNN and Cartoon Network, and film studio Warner Bros, producer of the Batman and Harry Potter film franchises. 

Randall Stephenson, chairman and chief executive of AT&T, said: "This is a perfect match of two companies with complementary strengths who can bring a fresh approach to how the media and communications industry works for customers, content creators, distributors and advertisers."

The firm isn't expecting the deal to be blocked by the government, and anticipates it being concluded by the end of 2017.