Judge approves AT&T-Time Warner deal

13 June, 2018, 01:14 | Author: Regina Silva
  • Judge set to determine fate of AT&T-Time Warner merger

A U.S. federal judge on Tuesday cleared the mega merger between AT&T and Time Warner in an antitrust case with potential far-reaching implications.

The government argued during the trial that if AT&T were to own Time Warner, it could violate antitrust law by using its market power to get higher prices from TV distributors.

Leon's opinion may also increase the chances that other deals already reached, like CVS' bid for Aetna and T-Mobile's proposed merger with Sprint, will survive regulatory scrutiny. The ruling comes one day after the repeal of net neutrality, meaning that AT&T now has more freedom to prioritize the delivery of select content on its network.

As for a potential appeal from the Justice Department, Judge Leon is discouraging such a move and says the agency should "think" first. It could have an impact on future mergers and acquisitions between content providers and creators. Short-term effects are likely to be favorable - things like a new skinny streaming service, or perks like free HBO for AT&T wireless customers - but as Time Warner continues to negotiate rates and packages with cable companies and new streaming services, the effects will become more clear.

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. Disney has bid for 21st Century Fox's entertainment assets, a deal that appears to have been shaped to avoid a challenge by Delrahim's antitrust squad.

Why Chris Mannix Isn’t Buying Talk Of LeBron James Signing With Celtics
Irving was a key part of Boston's season, where they finished with the number one seed in the Eastern Conference. Really integrating myself with our team again and really focus on winning a championship.


Tesla to layoff 9 percent of workforce
But Musk has promised an acceleration of Model 3 manufacturing, which will allow the company to bring in a lot more revenue. Tesla started 2018 with about about 37,000 employees globally and has hired thousands of employees since then.


Minnows Scotland go wild as they seal first ODI victory over England
Morgan added: "It's no good losing the lesson and the game, you've got to take something from it". I didn't watch it as closely as I could have. 'At the end, England didn't really finish the job.


Some thought Trump had pressed for the lawsuit because of his animus toward Time Warner's CNN.

Ahead of the court ruling, a top antitrust official at the Justice Department urged investors not to read too much into the decision to sue to stop AT&T from buying Time Warner.

Today's ruling comes as part of the antitrust lawsuit levied by the Justice Department a year ago. Judge Richard Leon rejected arguments by Justice Department lawyers that the combined company would be too large and too powerful and that the $85 billion deal would harm competition and hurt consumers. He said AT&T plans to close the deal on or before June 20. AT&T will now have a major foothold in the media industry.

Some critics of President Trump have questioned whether the case was brought as political payback against Time Warner's CNN for unfavorable coverage of President Trump, who often called the cable news channel "fake news". The companies' CEOs, AT&T's Randall Stephenson and Jeffrey Bewkes of Time Warner Inc., testified in support of the deal. President Donald Trump, while still a candidate, said he would block the deal "because it's too much concentration of power in the hands of too few".

"We are pleased that, after conducting a full and fair trial on the merits, the Court has categorically rejected the government's lawsuit to block our merger with Time Warner", said David McAtee, AT&T General Counsel. AT&T wasn't on board, saying, "Divestitures here would destroy the very consumer value this merger is created to unlock".

Recommended:

  • Jose Mourinho Still Keen To Agree Deal With Controversial Midfielder

    Jose Mourinho Still Keen To Agree Deal With Controversial Midfielder

    Former Arsenal winger, Robert Pires has urged the club to sign Manchester United star, Marouane Fellaini this summer. Adil is a player that Pires knows well and the Frenchman is confident that the youngster can thrive under Unai Emery.
    Kitchen towels cause growth of pathogens and potentially food poisoning

    Kitchen towels cause growth of pathogens and potentially food poisoning

    It claims that the clothes, tea-towels, dish-wash sponges and the oven gloves should regularly be washed to maintain hygiene. Multiple factors contribute to an increase in bacteria found on towels, including family size and the type of food consumed.
    Mary Carillo on the tragic passing of Maria Bueno

    Mary Carillo on the tragic passing of Maria Bueno

    World No. 1 in 1959, 1960, 1964 and 1966, Bueno was Brazil's best ever player, winning 19 Grand Slam titles. The 9 de Julho Hospital said she had been admitted for "oncological treatment" and asked for privacy.
  • Metro Exodus Shines in New Gameplay Trailer

    Metro Exodus Shines in New Gameplay Trailer

    The desolate world up above still houses the same dangers, making the gas mask a mandatory item once again. Metro Exodus is the sequel to Metro: Last Light taking place two years after the it's events.
    Mistake-free Verstappen tops Canada practice

    Mistake-free Verstappen tops Canada practice

    The one from the failure in China is alive, hence we haven't got a penalty. "Now we just have to break it down and get it in the best position for (qualifying)".

    Greece, Macedonia reach deal to end name dispute

    The new name will be used both domestically and internationally, and Macedonia will amend its constitution as part of the deal. Greece and Macedonia are involved in a longtime dispute over the name of the Republic of Macedonia .
  • UK MPs to grill Brexit bankroller over Russia

    UK MPs to grill Brexit bankroller over Russia

    Banks and his ally, Wigmore, made repeated contact with Russian officials before the referendum to discuss business opportunities. But Banks told the paper: "I had two boozy lunches with the Russian ambassador and another cup of tea with him, bite me".
    China gets everything it wanted as Kim Jong Un meets Donald Trump

    China gets everything it wanted as Kim Jong Un meets Donald Trump

    Mr Kim's itinerary was reported in detail, which is a rarity for the state's media, according to South Korea's Yonhap news agency. North Korea leader Kim Jong Un and US President Donald Trump walk with the documents they just signed during their meeting.
    Crawford scores TKO over Horn, wins WBO welterweight title

    Crawford scores TKO over Horn, wins WBO welterweight title

    He entered the ring, dominated and walked away with a victory and a championship belt wrapped around his waist. Horn already has 2cm in height on Crawford and is expecting to be around 70kg by the time the bout begins.
  • Nadal strolls to yet another French Open final

    Nadal strolls to yet another French Open final

    I played two sets at the same level as Dominic Thiem. "He's a big favorite against everybody", he told reporters. Converting break points has become close to impossible against Nadal on the red clay of Paris . "Barely walking.
    Police officer rescues toddler running along highway

    Police officer rescues toddler running along highway

    Mannino was presented with the Life Saving Award from the Naperville Police Department last Thursday for his actions. According to a Naperville police spokesman, the boy ran out of his mother's home when she wasn't looking.

    Real Madrid announce Spain coach Lopetegui as Zidane replacement

    Guillem Balague says Julen Lopetegui's appointment as Real Madrid manager came as a surprise, but insists fans will be happy. He'll now become the manager of a club for which he made one senior appearance and has worked as a B team coach in the past.


Popular

Peter Navarro Apologizes for 'Special Place in Hell' Comment - Cortney O'Brien
President Donald Trump and Japanese Prime Minister Shinzo Abe at the White House on June 7, 2018 in Washington . Kudlow said the president won't "let a Canadian prime minister push him around.

Justify will rest, then race again
Gronkowski , named for the National Football League player, finished second, after having been last for the first half of the race.

Primaries on tap for Tuesday
Before casting a ballot, Virginia voters in the primary election must declare whether they want a Republican or Democratic ballot. Arrington has sought to use Sanford's frequent criticism of Trump as a wedge with GOP primary voters.

13 dead in ‘IS attack’ on Afghan Ministry
Police spokesman Hashmat Stanikzai confirmed at least 12 people had been killed, including women, and another 20 wounded. Kabul security officials are speculating some of the recent attacks could be associated with a Taliban affiliate.

Trump credits Warmbier for NK summit: 'Otto did not die in vain'
Trump also recognized on Tuesday during a press conference that he could potentially be wrong about trusting Kim. Charles Armstrong: I think that lifting sanctions is probably the key priority right now, but I think that...

How can we have a meeting without Russian Federation ?
Trump's advocacy for Russian Federation seems a little odd, especially in the midst of what he calls a " witch hunt? ". Trump pulled out of President Barack Obama's landmark nuclear accord with Iran over the objections of European allies.

Warriors' Durant hints at retirement -- when he's 35
Durant has pledged to come back, but the futures of Zaza Pachulia, David West , JaVale McGee, and Nick Young are in flux. Evans might want to get some Golden State shine for one year in an effort to cash in down the line.

Warning issued days before Florida woman attacked and killed by alligator
State wildlife searchers located the body of a woman believed to have been killed during an alligator attack in South Florida. At the time of the accident, Matsuki's husband was out of town and was trying to fly back home after hearing the news.

French police responding to reported hostage situation in central Paris
At least one man was lightly injured while fighting with the hostage-taker and escaping before the BRI officers arrived on the scene, a police source said.

Vietnamese Stage Anti-China Protests in Several Cities
The three special economic zones are meant to be "mini Singapores" - business-friendly environments complete with high-tech hubs. But mounting frustration has pushed the government to slow down the legislation's progress.