AT&T in $85 billion deal for media giant Time Warner.

In the world of media, bigger remains better. So in the wake of Comcast’s $30 billion takeover of NBCUniversal and Verizon Communications’ serial acquisitions of the Huffington Post and Yahoo, AT&T has bought one of the remaining crown jewels of the media world.

The telecommunications giant agreed Saturday to buy Time Warner, the home of HBO and CNN, for about $85.4 billion, creating a new colossus capable of both producing content and distributing it to millions with wireless phones, broadband subscriptions and satellite TV connections.

The proposed deal is likely to spur yet more consolidation among media companies. This year, Lionsgate struck a deal to buy the pay-TV channel Starz for $4.4 billion. And the Redstone family, which controls both CBS and Viacom, has urged the corporate siblings, which split 10 years ago, to consider reuniting.

AT&T and Time Warner said both of their boards unanimously approved the deal.

“Premium content always wins,” Randall Stephenson, AT&T’s chief executive, said in a statement. “We’ll have the world’s best premium content with the networks to deliver it to every screen.”

Most analysts and investors have noted that Time Warner was part of one of the biggest merger follies of all time, when it sold itself to AOL at the height of the dot-com boom. That combination — also pitched on the idea of uniting content and the Internet — proved unwieldy and was later stripped apart to a few core businesses.

This time, however, the rise of online outlets like Netflix, Amazon Prime and YouTube and the shift of younger customers from traditional media have pressured media companies to seek out consolidation partners. These media companies are anticipating drops in fees from cable service providers and declining revenue from advertisers. Getting bigger would give them more negotiating leverage with both service providers and with advertisers.

Comcast’s takeover of NBC has proved a model for this new world of media deal making. While the cable giant has occasionally been scrutinized for possible regulatory violations, NBCUniversal has generally thrived under its current ownership, with NBC enjoying a ratings comeback and Universal delivering a range of hit films, from blockbusters like “Jurassic World” to dramas like “Straight Outta Compton.”

Still, Time Warner’s deal with AT&T is likely to face tough scrutiny from government regulators increasingly skeptical of power being consolidated among a few titans. Even Donald Trump, the Republican nominee for president, indicated Saturday that he would block the merger if elected. “Deals like this destroy democracy,” he said. “It’s too much concentration of power in the hands of too few.”

Over the past decade, Time Warner has spent significant time selling or spinning off AOL, many of the Time Inc. stable of publications, and Time Warner Cable, which was sold to another cable operator. The remaining businesses are HBO, one of the most-admired payTV channels; Warner Bros. movie studios; and cable channels that include CNN, TNT, Turner Sports and TBS.

Overseeing much of Time Warner’s downsizing was the company’s chief executive, Jeffrey Bewkes. He faced tough questions two years ago when he turned down 21st Century Fox’s bid of $85 a share, arguing that the offer sharply undervalued his company. Now, Bewkes has found a suitor willing to offer significantly more — $107.50 a share in cash and stock.

“Deals like this destroy democracy.” Donald Trump, Republican presidential candidate