AT&T Win Unleashes Wave of Investors’ Bets on Next Big M&A Deal

After AT&T Inc. got clearance to buy Time Warner Inc. late Tuesday, investors were quick to bet that a broader wave of mergers is coming.

Takeover speculation sent shares of Lions Gate Entertainment Corp. up the most in almost five months on Wednesday, while Discovery Inc. -- another potential media target -- climbed as much as 4.7 percent. CBS Corp. and Viacom Inc., the subjects of on-again, off-again merger talks, also rose.

AT&T’s victory in a long legal battle with the Justice Department is expected to give a green light to a wide swath of companies mulling possible deals. ...