AT&T (T.US), America’s largest telecoms group by market value, announced on the weekend that it would pay US$107.50 a share to acquire Time Warner (TWX.US), the owner of CNN and HBO, which produces shows such as Game of Thrones and Veep, and Warner Brothers, Hollywood’s largest film and television studio. However, AT&T faces an lengthy battle to convince US regulators that its proposed US$85.4 billion equity value purchase of Time Warner will not unfairly distort the media and communications industries after opponents of the deal said the combined entity would wield too much market power.