AT&T is buying Time Warner

randall stephenson AT&T CEO Randall Stephenson. Getty Images / Chip Somodevilla

It's official. AT&T will buy Time Warner for $107.50 per share.

They announced the agreement Saturday night, following a string of reports in recent days that appeared to have accelerated the talks between the two companies.

The move means AT&T will own networks like CNN, HBO, TNT, and several other media properties. AT&T will likely face a harsh regulatory process, but there is some precedent. Comcast, another operator, was allowed to buy NBC Universal in 2013.

This is the second mega deal for AT&T in the past year. AT&T merged with DirecTV in 2015 and plans to launch a streaming TV service later this year. The ultimate goal is to provide all DirecTV content over the internet without the need for a satellite dishes by 2020.

It's also a much different approach than AT&T's rival Verizon, which is going after online content instead of TV content through its purchase of AOL and its impending purchase of Yahoo. AT&T appears to want to cash in on traditional TV content and ad dollars while Verizon wants to go against Google and Facebook for online ads.

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