AT&T has completed its acquisition of Time Warner, just two days after a federal judge ruled the merger could clear despite the objections of the Justice Department and just hours after the Justice Department said it would allow the deal to close.

The $85 billion deal puts the many massive media properties owned by Time Warner — including HBO, Warner Bros., and CNN — under the ownership of one of America’s largest internet, TV, and phone service providers. It creates a whole mess of potential conflicts of interest when it comes to content favoritism, with opponents of the deal drawing concern around AT&T’s ability to promote its own shows and movies over those of other companies.

AT&T initially signed a deal to buy Time Warner in October…

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