AT&T Inc won court approval on Tuesday to buy Time Warner Inc for $85 billion (£63.5 billion), rebuffing an attempt by U.S. President Donald Trump's administration to block the deal and likely setting off a wave of corporate mergers. In fact, CNNMoney reported that AT&T-Time Warner's counsel Daniel Petrocelli made the argument that traditional media orgs have already been left behind in the digital revolution. Or it could hurt Netflix and other content producers by locking them out of AT&T's multi-channel distribution network.
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".
According to Deadline, CEO Brian Roberts told investors during the company's annual shareholders meeting early Monday morning that Comcast is in the "advanced stages" of preparing a bid for 21st Century Fox - an offer dependent on the ruling in the AT&T-Time Warner anti-trust case, which is expected later today.
For months AT&T efforts to merge with Time Warner have been held up by the Department of Justice efforts to block the merger. T-Mobile also has a deal to buy Sprint. He also urged the government not to seek a stay when issuing his decision in a closed-door room with reporters.
With this merger, the amount of companies that own everything we watch, see, and hear is shrinking down even more.
On Tuesday, Wall Street considered Leon's decision a "canary in the coal mine" - or an indicator for whether Comcast could go ahead with an all-cash hostile bid for parts of 21st Century Fox.
BREAKING: AT&T, Time Warner Merger Cleared
"This will be a blockbuster summer for media mergers", said Mary Ann Halford, senior adviser to OC&C Strategy Consultants.
A federal judge has approved AT&T's merger with Time Warner, a massive media deal opposed by the government that will shape how much consumers pay for streaming TV and movies.
AT&T says it plans to move forward with the deal in less than a week, leaving a small window of time for the justice department to file an appeal. "Should be interesting, although I certainly wouldn't count Disney out".
For the past six weeks, AT&T has been in court over concern of its want to purchase Time Warner for a total of $85 billion. AT&T asked the court to focus on the former.
In making its case, the USA government argued that the merger of AT&T could harm consumers in a number of ways. "AT&T and Time Warner concluded that each had a problem the other could solve", he wrote.
Leon of the U.S. District Court in Washington, said the Justice Department had not proved that the telecom company's acquisition of Time Warner would lead to fewer choices for consumers and higher prices for television and internet services.
In May it was revealed that AT&T had paid Michael Cohen, Trump's personal attorney, $600,000 for consultancy fees as it attempted to woo the White House.
Merkel finds Trump's action sobering, depressing
The EU also won't be "taken for a ride" in its trade conflict with the United States , she said. Merkel said she first found out about Trump's decision on the flight back from Canada.
- Trump to Sen. Bob Corker: Abandon legislation challenging tariffs; Corker refuses
- Putin says willing to meet Trump whenever US is ready
- Trump Says Kim Will Move Immediately on Denuclearization
- Draymond Green admits he threw massive shade at Tristan Thompson after sweep
- State Department: Medical screenings 'ongoing' after mysterious incidents overseas
- Kim Jong Un's private jet departs Pyongyang for Singapore
- Amazon expands Whole Foods delivery for Prime members to 4 more cities
- Fortnite Switch has cross-play with PC
- E3 2018: Watch the Assassin’s Creed Odyssey trailer, gameplay footage
- After teasing a name change, IHOP says b is for burgers