AT&T is buying Time Warner for $85 billion. Time Warner includes HBO, CNN, TBS, TNT, Warner Bros, and more. The reason these carriers, AT&T, Verizon, Comcast, etc are buying media companies is because they don't want to be in the business of being a 'dumb pipe' for internet access. They want to be in the content business. It's expected that the deal will get regulatory approval without issue.