Randall L. Stephenson

It's official: AT&T-Time Warner is a done deal

It's official: AT&T-Time Warner is a done deal

AT&T closed its landmark megamerger with Time Warner on Thursday night, completing the $85 billion deal swiftly ahead of its June 20 deadline.

The rapid moves came as the Justice Department said Thursday it would not seek a judicial stay of the deal, even as department officials remained undecided on whether to appeal a judge's decision earlier this week permitting the two companies to move forward. The quick closing could put further pressure on antitrust regulators to not continue fighting.

AT&T chief executive Randall Stephenson said the merger combines the strengths of both companies.

"We're going to bring a fresh approach to how the media and...