Telecom giant AT&T has reached an $85.4 billion deal to buy media titan Time Warner. The news of this transformational merger has shaken up both industries, raising eyebrows on Wall Street and drawing criticism from lawmakers and even the presidential campaigns.

Amid pressure from both U.S. and European antitrust regulators, two of the world's biggest oilfield services companies, Halliburton and Baker Hughes, have called off their $28 billion merger.

In April, the Justice Department sued to stop the merger, saying it would have eliminated competition, NPR's Jim Zarroli reports for our Newscast unit.

AT&T Inc. and T-Mobile want to merge. Boards of the mobile giants agreed to a $39 billion deal, announced Sunday, according to TechFlash reporter Greg Lamm:

The purchase, still subject to approval by regulatory boards, would create the largest mobile phone company in theU.S. If the deal closes, it would combine the nation's second- and fourth-largest wireless carriers, creating a company with nearly 130 million subscribers, and could lead to higher rates for consumers, experts said.

Lamm writes that until quite recently T-Mobile, the Seattle area's remaining major wireless firm, was considered to be in merger talks with Sprint Nextel.