After Bloomberg first reported Thursday that AT&T was in talks to acquire Time Warner — owner of such premium content brands as HBO, Turner and Warner Bros. — the story has progressed quickly. On Saturday, the Wall Street Journal reported that AT&T would buy Time Warner for $86 billion — valuing the media conglomerate at $107.50 per share — in a deal that would be half cash and half stock, according to the Journal.

On Saturday evening, both companies made it official.

“This is a perfect match of two companies with complementary strengths who can bring a fresh approach to how the media and communications industry works for customers, content creators, distributors and advertisers,” said Randall Stephenson, AT&T chairman and CEO, in a statement. “Premium content always wins. It has been true on the big screen, the TV screen and now it’s proving true on the mobile screen. We’ll have the world’s best premium content with the networks to deliver it to every screen. A big customer pain point is paying for content once but not being able to access it on any device, anywhere. Our goal is to solve that. We intend to give customers unmatched choice, quality, value and experiences that will define the future of media and communications.

Stephenson, 56, will head the new company while Time Warner Chief Executive Jeff Bewkes, 64, will leave after an interim period, said the Journal.

“This is a great day for Time Warner and its shareholders,” said Bewkes in a statement. “Combining with AT&T dramatically accelerates our ability to deliver our great brands and premium content to consumers on a multi-platform basis and to capitalize on the tremendous opportunities created by the growing demand for video content. That’s been one of our most important strategic priorities and we’re already making great progress — both in partnership with our distributors, and on our own by connecting directly with consumers. Joining forces with AT&T will allow us to innovate even more quickly and create more value for consumers along with all our distribution and marketing partners, and allow us to build on a track record of creative and financial excellence that is second to none in our industry. In fact, when we announce our 3Q earnings, we will report revenue and operating income growth at each of our divisions, as well as double-digit earnings growth.

Late Friday, Reuters reported that the deal was imminent, although neither company has issued an announcement. Time Warner’s stock had climbed nearly 9 percent to $89.48 per share by the time the market closed on Friday.

RELATED: AT&T Acquisition of Time Warner Looks to be Nearly Done Deal

Meanwhile, on Saturday, Republican presidential candidate Donald Trump said he would block the deal if he is elected president.

“Deals like this destroy democracy,” Trump told a crowd in Gettysburg, Pa., on Saturday. He also said he would break up Comcast-NBCUniversal, according to The Hollywood Reporter. Comcast first announced it would take a majority stake in NBCUniversal in December 2009, and ended up buying out former owner General Electric completely by March 2013.

READ MORE: The Wall Street Journal, The New York Times, The Hollywood Reporter

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