Telecoms company AT&T has announced a $85.4 billion (£70bn) agreement to buy Time Warner in the biggest deal in the world this year.

Time Warner owns the Warner Bros movie studio, responsible for franchises such as Harry Potter and Batman, as well as networks including CNN and HBO.

AT&T already owns a leading mobile phone business, DirecTV and internet service.

However, regulators will need to sign off on the deal and the move is already drawing fire, including from Republican presidential candidate Donald Trump.

Mr Trump told a campaign rally in Pennsylvania he would block the move if elected as it would put "power in the hands of too few".

AT&T CEO Randall Stephenson said the deal would allow the firm to offer unique services, particularly on mobile.

Jeff Bewkes, the Time Warner CEO, said more money would make it easier to produce extra programmes and films.

In 2011, the telecoms giant's bid to buy T-Mobile was scrapped following opposition by regulators before it bought satellite-TV company DirecTV for $48.5bn (£40bn).