Telecommunications Company, AT&T has sealed an $85.4 billion agreement to acquire media giant, Time Warner. This deal promises to turn AT&T into one of the world’s largest media players.

The deal was unveiled on Saturday night when AT&T chairman Randall Stephenson and Time Warner CEO Jeffrey Bewkes held a hastily assembled conference call. According to both parties, the agreement came together quickly because they saw the “unique” potential of marrying their assets.

AT&T projected that the deal will close before the end of 2017.

Read more at Variety