AT&T finalizes deal to acquire Time Warner

June 14 (UPI) -- AT&T completed its $85.4 billion acquisition of Time Warner, the company announced Thursday.

The announcement comes two days after U.S. District Judge Richard Leon approved the merger, which was challenged by the Justice Department on grounds that would restrict pay-TV competition.

AT&T argued the deal was necessary to survive in an industry with competition from Netflix and Facebook.

AT&T owns DirecTV and, with the Time Warner merger, will become the biggest pay TV company in the United States. The company now owns CNN, HBO, TBS and TNT.

"The content and creative talent at Warner Bros., HBO and Turner are first-rate. Combine all that with AT&T's strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience," AT&T CEO Randall Stephenson said in a statement. "We're going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers."