AT&T's $85.4 billion purchase of Time Warner represents a new bet on synergy between companies that distribute information and entertainment to consumers and those that produce it.

The acquisition would combine a telecom giant that owns a leading cellphone business, DirecTV, and an internet service with the company behind HBO, CNN, and some of the world's most popular entertainment, including the Game of Thrones televised series, the Harry Potter franchise and professional basketball.

It's the latest big media acquisition by a major cable or phone company - such as Comcast's 2011 purchase of NBC Universal - and aimed at shoring up businesses upended by the internet.