Economy

AT&T Cleared by Judge to Buy Time Warner, Create Media Giant

AT&T Cleared by Judge to Buy Time Warner, Create Media Giant

The oral opinion, slated to be delivered after 4 p.m. E.T.by U.S. District Judge Richard Leon, will cap the company's almost two-year battle to close its takeover of Time Warner Inc.

"The impact from this decision will have wide reaching ramifications across the telecommunications, media, and tech industry for decades to come", said GBH Insights analyst Dan Ives.

A federal judge has approved AT&T's merger with Time Warner. The Justice Department could decide to appeal the ruling, however.

Rival cable company Comcast is now likely to go ahead with its planned attempt to woo Twenty-First Century Fox Inc away from Walt Disney Co, which said it would acquire most assets of the media company for around $50 billion past year.

Leon said the evidence and testimony provided by the government were faulty and that it never proved the merged entity would have increased leverage over its competitors.

The Justice Department has not brought a suit seeking to stop a vertical merger - whereby companies operating in different spaces combine - since 1979.

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. Announced in October 2016, it was seized on by then presidential candidate Donald Trump as the sort pf deal his administration would block. 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.

Ruling Expected Soon In AT&T/Time-Warner Merger Case

The ruling is a stinging defeat for the Justice Department.

As one carrot to get deal approval, AT&T CEO Randall Stephenson mentioned in court that AT&T will be debuting a new skinny streaming service in the near future. 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. He said AT&T plans to close the deal on or before June 20.

On the campaign trail Trump argued that a combined AT&T/Time Warner was "too much concentration of power in the hands of too few".

"The judge's sweeping rejection of the government's case doesn't surprise us at all", AT&T attorney Daniel Petrocelli told reporters outside of the courthouse shortly after the decision was issued. The government's star witness was Carl Shapiro, an economist at the University of California, who used an economic model to predict that consumer cable bills could rise by $500 million annually in aggregate by 2021.

"Judge OKs AT&T merger with Time Warner, rejecting government argument it would hurt pay-TV consumers, competition".

AT&T has said it needs to buy Time Warner to compete with the likes of Amazon, Netflix and Google in the shape-shifting streaming-TV environment.

The DOJ argued that buying Time Warner and its stable of popular TV programming would give AT&T too much control over programming and distribution.

Robert De Niro Says 'F**k Trump' Twice At Tony Awards
And the more level-headed commenters pointed out the ultimate hollowness of De Niro's habitual statement. The live audience seemed to feel the same way as they gave him a standing ovation.


  • U.K. Minister Phillip Lee Resigns Ahead of Brexit Bill Showdown

    U.K. Minister Phillip Lee Resigns Ahead of Brexit Bill Showdown

    That clause - drafted by Grieve - basically hands a lot of power to Parliament if no deal has been agreed by the end of November. Britain's Secretary of State for Departing the EU David Davis leaves 10 Downing Street in London, June 7, 2018.
    Kim Summit Produces High Hopes, Few Details

    Kim Summit Produces High Hopes, Few Details

    They walked outside together after the lunch, stopping briefly to look at the US president's special limousine. After meeting privately and with aides, Trump and Kim moved into lunch at a long flower-bedecked table.
    Nintendo Fans Hilariously Protest Waluigi's Snub in SUPER SMASH BROS. ULTIMATE

    Nintendo Fans Hilariously Protest Waluigi's Snub in SUPER SMASH BROS. ULTIMATE

    Furthermore, Final Smashes across the board have been shortened to allow players to return to the action as fast as possible. New level mechanics will also feature in the new kitchens, including portals , moving walkways and controllable platforms.
  • E3 2018: Ghost of Tsushima is a samurai slasher for Sony's PS4

    E3 2018: Ghost of Tsushima is a samurai slasher for Sony's PS4

    The first and most obvious suspect is the Kingpin, who hates Spider-Man for his constant interference in his operations. Spidey gets the crap beaten out of him before the trailer teases the reveal of one more villain.

    Rodman weeps during interview on sidelines of Trump-Kim summit

    Rodman is one of the only Americans to have visited the hermit kingdom and is deeply invested in the country's future. Former NBA star Dennis Rodman openly cried on television in a freaky meltdown over the US-North Korea summit.
    Trump in hot waters for lashing back at Canada after G7 summit

    Trump in hot waters for lashing back at Canada after G7 summit

    Trudeau fires back on May 31 over the tariffs being applied on the premise Canada poses a national security threat to the U.S. Tax Dairy from us at 270%. "But nearly everybody has said either they're going to do it, or they support it".
  • Defender’s Arsenal move to be confirmed next month despite deal being agreed

    Defender’s Arsenal move to be confirmed next month despite deal being agreed

    Arsenal will have to pay a €255,000 (£223,000) compensation fee to PSG in order to complete the deal. Arsenal are said to be on the verge of signing Yacine Adli from Paris Saint-Germain.
    E3 2018: Wolfenstein Gets Standalone VR Game Where You Hack Nazi Robots

    E3 2018: Wolfenstein Gets Standalone VR Game Where You Hack Nazi Robots

    Players will take the role of BJ Blaskowicz's twin daughters. It's a sequel to Wolfenstein 2: The New Colossus . The game will be released sometime during 2019.
    Ku’s Ball Room: Detroit Pistons hire Dwane Casey

    Ku’s Ball Room: Detroit Pistons hire Dwane Casey

    He replaces Stan Van Gundy, who was sacked in May. "He embodies our culture and will be a great representative for our franchise". The team had reportedly narrowed down its search between Casey and John Beillin of the University of MI last week.
  • Singapore summit: The key moments

    Singapore summit: The key moments

    Via a translator, Kim said "today, we had a historic meeting and made a decision to leave the past behind". Sue Mi Terry, a former Central Intelligence Agency analyst, told MSNBC, "Kim Jong-un is prepared".

    Greece and Macedonia reach deal in 27-year dispute over name

    Greece had also blocked the country from negotiating with the European Union and North Atlantic Treaty Organisation . However, Tsipras said, this will be contingent on Macedonia completing the constitutional changes.
    IHOb: International House of Burgers

    IHOb: International House of Burgers

    But Rebelez said the vast majority of the almost 1,800 other locations will still go by IHOP . One fan did support the measure if she gets coupons.