In a move described  as “the boldest yet for a telecommunications company to acquire content” for streaming over its high-speed network and attracting subscribers, telephone company AT&T Inc. said Saturday it has agreed to buy Time Warner, Inc. for $85.4 billion.

The deal is being called “the biggest in the world,” assuming it is approved by regulators, Reuters reported.

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If it moves forward, it would give the company control of cable TV channels HBO and CNN, film studio Warner Bros and other media assets.

“It will likely face intense scrutiny by U.S. antitrust regulators worried that AT&T might try to limit distribution of Time Warner material,” a Reuters article also said about the deal.

“AT&T will pay $107.50 per Time Warner share, in a combination of cash and stock, worth $85.4 billion overall, according to a statement,” the publication also reported. AT&T said it plans to close the deal by the end of next year.

Randall Stephenson, AT&T’s chief executive, would run the the new company, The Wall Street Journal is reporting. The companies said Time Warner’s Chief Executive Jeff Bewkes would stay on for a period of time after the close of the deal to assist with the transition, the companies said.