Telecommunications giant AT&T has agreed to purchase Time Warner for $85 billion. If approved by federal antitrust regulators, the megamerger would give AT&T control over Warner Bros. film and television studios, along with CNN, TNT, HBO and many other brands. Critics warn of further limits to competition and higher prices for customers. The merger could also allow AT&T to give preferential treatment to streaming video from Time Warner’s companies, which would violate the principles of net neutrality. Meanwhile, AT&T is bracing for what is expected to be a lengthy antitrust review of the deal, which must be approved by the U.S. Justice Department and possibly by the FCC. "If you’re not a Time Warner shareholder, ... if you’re not a Wall Street banker, there is very little in this deal for you," says Craig Aaron, president and CEO of Free Press, which has come out against the multibillion-dollar merger.

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