Justice Department to appeal approval of AT&T acquisition of Time Warner

15 July, 2018, 07:17 | Author: Brooke Harris
  • Justice Department Appeals AT&T-Time Warner Merger Decision

The Justice Department is appealing a federal judge's approval last month of AT&T's $85 billion acquisition of Time Warner, a deal that was expected to usher in a wave of media and telecom mergers created to counter the growing heft and influence of Netflix, Amazon and Apple.

AT&T chief executive Randall Stephenson told reporters on Thursday (local time) that the company was not surprised about the DoJ's decision to appeal.

The US government has made a decision to appeal against a landmark court ruling that cleared the way for telecoms giant AT&T to buy Time Warner.

The Justice Department fought the deal, arguing it would make the pay-TV market less competitive.

No matter how the Justice Department's appeal unfolds, AT&T's completed acquisition of Time Warner could prove hard to untangle. AT&T slipped 1.13 percent to close at $32.23 in NY.

In addition, AT&T Communications will have no say in setting Turner's prices or other terms in contracts with companies that distribute its content.

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However, the company does not have any legal authority to kill endangered blue whales, even within Iceland , Sea Shepherd said. The whale has been positively identified by experts as a blue whale, according to Sea Shepherd.

The landmark case saw Leon reject the lawsuit brought by the U.S. government last November to block the deal.

The merger, first announced in October 2016, was opposed by President Donald Trump.

At the time of his ruling, the judge wrote that he did not believe "the government has a likelihood of success on the merits of an appeal" were it to consider one. AT&T has since closed the acquisition of Time Warner, including CNN.

AT&T has already raised the price of DirecTV Now to $40 a month, up from $35, following price increases from other streaming services.

The deal also seemed to set the stage for even more consolidation between telecom and media companies, leading Comcast to challenge Disney for ownership of Fox's film and TV assets. Trump has publicly feuded with Time Warner's CNN, calling it "failing" and a purveyor of "fake news".

"Together, AT&T and Time Warner concluded that both companies could stop "chasing taillights" and catch up with the competition".

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