But the concern is that anything AT&T might do to make its broadband service stand out by tying it to Time Warner's programs and films could hurt consumers overall. AT&T has been keen to add more content and original programming as it gears up to launch its DirecTV Now streaming content service later this year.
AT&T is following in the footsteps of cable company Comcast Corp CMCSA.O , which acquired NBCUniversal for about $30 billion and DreamWorks Animation in a bid to control how television shows and movies are made and how they are delivered to viewers. Regulators expressed concerns about the Comcast-NBCU deal five years ago.
And finally one predicted that even in the event of a Clinton win, the people wouldn't stand for an AT&T - Time Warner merger. Time Warner had a market capitalization of $68 billion before The Wall Street Journal reported on the advanced talks Friday, while AT&T's was $233 billion.
AT&T has been working with an executive with considerable chops in Hollywood, former News Corp. "Deals like this destroy democracy".
The deal was agreed at a meeting of the two boards on Saturday but will still need to be approved by regulators.
Time Warner includes everything from "Game of Thrones", on HBO, to "Anderson Cooper 360", on CNN, to "The Big Bang Theory", produced by Warner Bros., to March Madness basketball games, aired by several Turner cable channels. He said that they believe the cable giant is a leader in premium content. AT&T would also gain Time Warner's 10% stake in Hulu, the streaming video service.
Trump said that he would also consider "breaking" up the last big media deal, Comcast's acquisition of NBC Universal in 2013. Jeff Bewkes, Time Warner Chairman and CEO, called it "a natural fit between the two companies".
When news of the potential deal first broke on Friday, Time Warner shares closed up 8 percent, at $89.48.
Amy Yong, an analyst at Macquarie Capital, recalled many celebrated media deals of the past have turned into duds in particular, Time Warner's disastrous acquisition by AOL in 2001.
AT&T has agreed to acquire the media group Time Warner for a combination of cash and stock worth United States dollars 85 billion.
When the deal goes through, AT&T will own popular networks such as TNT, CNN and HBO.
Republican presidential candidate Donald Trump has criticized the deal, claiming it would result in "too much concentration of power in the hands of too few", and warned that his administration would not approve it.
Still, Yong said that AT&T and other phone companies feel they have to act because the threats to their business seem to be coming from every direction.
Time Warner is now valued at $65 billion.
Time Warner, in recent years, has accelerated its push into digital media, launching HBO Now almost 18 months ago.
The stock portion will be subject to a collar such that Time Warner shareholders will receive 1.437 AT&T shares if AT&T's average stock price is below $37.411 at closing and 1.3 AT&T shares if AT&T's average stock price is above $41.349 at closing.