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The Wall Street Journal: AT&T plays defense with Time Warner acquisition

AT&T Inc. and Time Warner Inc. are suiting up for the Great Media Game. Their strategy to win is more about defense than offense.

The strongest case for the gargantuan merger is that it is a hedge against a future where the first point of entry for a media consumer might be Netflix NFLX, +3.36% , Facebook FB, +1.59% , YouTube or Hulu, just as easily as a cable or telecom company.

AT&T Reaches Deal to Buy Time Warner

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AT&T reached a deal to acquire Time Warner for $85.4 billion in cash and stock, a move which creates a media giant.

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