AT&T to close Time Warner purchase by June 20: attorney

AT&T to close Time Warner purchase by June 20: attorney

AT&T to close Time Warner purchase by June 20: attorney

Court allows AT&T purchase of Time Warner A federal judge on Tuesday approved AT&T's $85 billion purchase of Time Warner.

The Justice Department, which may still appeal the decision, sued the companies in November, arguing that the tie-up could be used to suppress competition and raise prices for consumers.

Judge Richard Leon rejected those arguments, approving the deal without conditions.

When the trial ended, Judge Leon suggested the parties consider some remedies both could deal with depending on how he ruled.

Leaving the courtroom, Makan Delrahim, head of the Justice department's antitrust division, said that he would read the judge's opinion before making a decision on an appeal.

If AT&T is successful in its bid to buy Time Warner, it will nearly certainly find itself competing in a media market dominated by other large, integrated providers.

AT&T and Time Warner Inc. announced their proposed merger in October 2016.

AT&T to close Time Warner purchase by June 20: attorney

Prior to the news on the decision in the case, AT&T stock closed up 0.5% (to $34.50 per share) and Time Warner closed up 0.05% in regular trading (to $96.22 per share) which concluded at 4 p.m. ET. A clear win for AT&T will embolden Comcast, the US's largest cable company, to top Walt Disney's $52bn bid for 21st Century Fox, the media empire controlled by Rupert Murdoch and his family. It could also threaten to withhold content from Time Warner channels, such as CNN, HBO or TNT, from rival services in order to gain a competitive advantage for AT&T's TV services. He warned the Justice Department not to seek a stay on the deal, saying that would be "a manifestly unjust outcome".

Time Warner gained as much as 5.8 percent in after-hours trading, while AT&T fell as much as 3.9 percent.

Even so, the case brought past year by the antitrust lawyers at Trump's Justice Department to block the AT&T and Time Warner marriage is an outlier.

Judge Richard Leon said the USA government failed to meet the burden of proof that the tie up between the largest United States pay TV operator and media entertainment giant Time Warner would harm competition. The company will now work to complete the merger by June 20th.

It also appointed a new chief executive officer earlier this month, Hans Vestberg, the company's chief technology officer, in a move that signaled Verizon would likely double down on its existing telecommunications business.

Trump's frequent attacks on CNN led to much speculation, including from AT&T Chairman and CEO Randall Stephenson, that the president's opposition stemmed from anger over the network's coverage rather than concern over greater corporate consolidation. Trump had pledged to block the deal when he was campaigning for president.

With control over a significant portion of the content, AT&T is now in a good place to keep prices high among rivals and prevent streaming TV services from offering cut-price cable alternatives. AT&T wasn't on board, saying, "Divestitures here would destroy the very consumer value this merger is created to unlock".

Four arrested in Iraq over ballot box storage blaze
Officials votes from one district were being held at the facility and some ballot boxes may have been burned but most were safe. Parliament has mandated a manual recount of the election in which a number of political parties alleged fraud .

13 dead in ‘IS attack’ on Afghan Ministry
The Islamic State extremist group claimed responsibility for the attack, the group's AMAQ news agency said. The government will continue its operations against other groups, such as IS, during the ceasefire.

Crawford stops Horn to seize WBO welterweight world title
They seem to think I'm actually a lot mentally weaker than I am". "He's a classy fighter who fought a great fight". RON REED has spent more than 50 years as a sportswriter or sports editor, mainly at The Herald and Herald Sun.

Recommended News

  • U.S.  upsets China with new de facto embassy in Taiwan

    U.S. upsets China with new de facto embassy in Taiwan

    Moy said the new building was "a symbol of the close cooperation and enduring friendship between the United States and Taiwan ". Tsai has also refused to acknowledge the "1992 consensus" that there is only "one China" and that Taiwan forms part of it.
    Warriors GM says Durant can have whatever deal he wants

    Warriors GM says Durant can have whatever deal he wants

    But want him to be happy and want him to know that we want him as long as he wants to be here. They've earned the right to do whatever they want; maybe they want to wait until free agency.
    China issues warning to citizens after Vietnam protests over economic zones

    China issues warning to citizens after Vietnam protests over economic zones

    Animosity toward China runs high in Vietnam, driven in recent years by territorial disputes in the South China Sea. Activists said several protesters were also detained in the country's economic hub, Ho Chi Minh City.
  • Kim summit 'may not have happened without Otto Warmbier'

    Kim summit 'may not have happened without Otto Warmbier'

    Warmbier said. "Very few people at that age - you can take one out of 10,000 - probably couldn't do it". We know where it is because of the heat.' It's incredible the equipment we have, to be honest with you.

    Real Madrid appoints Julen Lopetegui as coach

    Previously, French manager Zinidine Zidane shocked the footballing world by announcing his resignation from Real Madrid . He replaces Zinedine Zidane , who shockingly and abruptly left the club on the final day of last month.

    Man holds two people hostage in Paris

    The hostages are being held in the internal courtyard of the building, which contains a mix of offices and residential apartments. At least one other man was lightly injured while fighting with the hostage-taker and escaping before police arrived on the scene.
  • Putin: Cooperation with China at

    Putin: Cooperation with China at "unprecedented level"

    When he said, " It may not be politically correct, but we have a world to run ", you have to wonder who he meant by "we". On the plus side, they have gotten a president elected in a soon-to-be third world nation, the United States of America.

    Macedonia and Greece Announce Historic 'Name' Deal

    Greece and Macedonia are involved in a longtime dispute over the name of the Republic of Macedonia . There were also rallies in Macedonia in spring, demanding the country's name to be left in place.

    South American Tennis Great Maria Bueno Dies at 78

    Bueno with colored skirt linings and underpants, in violation of a Wimbledon rule that players dress entirely in white. She was voted female athlete of the year in a nationwide poll of sportswriters conducted by The Associated Press.
  • Kitchen Towels Are Source of Possibly Pathogenic Bacteria

    Kitchen Towels Are Source of Possibly Pathogenic Bacteria

    The virus is more likely to be present in damp towels or the ones which are used in households with non-vegetarian diets. Higher rates of S. aureus were found among low-income families and those with children, the findings showed.
    Spain World Cup 'keeper De Gea wants public apology from prime minister

    Spain World Cup 'keeper De Gea wants public apology from prime minister

    When pressed further about the transfer rumours, De Gea added: "Football is football and a thousand things can happen". I always said that it was a lie and yet people continued saying that I should not go to the national team.
    Kilauea volcano's lava could fill 45,400 Olympic-sized swimming pools: USGS

    Kilauea volcano's lava could fill 45,400 Olympic-sized swimming pools: USGS

    Hawaii County Civil Defense agency officials are allowing residents with official credentials to enter Leilani Estates. Kilauea volcano is near-constantly erupting from vents either on its summit (caldera) or on the rift zones.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.