Breaking News: AT&T's blockbuster $85.4 billion takeover of Time Warner was approved by a judge who ruled against the Justice Dept. A wave of mergers may follow.

A federal judge on Tuesday approved the blockbuster merger between AT&T and Time Warner, rebuffing the government’s effort to block the $85.4 billion deal, in a decision that is expected to unleash a wave of takeovers in corporate America.

The merger would create a media and telecommunications powerhouse, reshaping the landscape of those industries.

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