AT&T Inc. was cleared by a judge to take over Time Warner Inc.in an $85 billion deal that will fuel the mobile-phone giant's evolution into a media powerhouse and could spark a wave of new mergers. Amazon and Apple, which both have market caps bigger than every major media company combined, pose a similar problem. Distributors including cable, satellite and wireless carriers all see buying content companies as a way to add revenue. The government's November lawsuit was also the first major merger challenge under President Donald Trump, who railed against the tie-up when it was announced during the 2016 campaign.But Delrahim swore to the court that he was not influenced by the White House, and Leon stopped most of the arguments about political interference from entering the trial.Indeed, it's expected that AT&T rival Comcast Corp. will now enter a bidding war with the Walt Disney Co., which has offered the movie and TV production assets of 21st Century Fox for $52 billion. Now … [Read more...] about Fate of massive AT&T-Time Warner merger in United States judge’s hands
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A federal judge approved the $85 billion merger between AT&T and Time Warner on Tuesday, delivering a major blow to the Justice Department's effort to block the mega-deal opposed by President Donald Trump. U.S. District Judge Richard Leon, in a 172-page decision, rejected the government's position that allowing the two companies to combine could lead to higher television bills for consumers and stifle media competitors.Story Continued Below Leon further admonished the government for failing to prove any of its arguments. And he strongly encouraged the DOJ not to try to hold up the deal pending further litigation. The companies are seeking to close on the deal by June 21. “The parties waged an epic battle,” the judge said from the bench. “The court has now spoken. ... The defendants have won.” The decision is a significant legal victory for AT&T and Time Warner, which argued that combining forces will allow them to offer more innovative products and … [Read more...] about Judge clears AT&T-Time Warner merger opposed by Trump
Maybe AT&T’s $85 billion merger with Time Warner is in trouble, after all. Herbert Hovenkamp, a prominent Wharton professor known as the “dean of American antitrust law,” says he believes that President Trump’s Justice Department will likely succeed in blocking the controversial deal. That’s in contrast to many legal pundits, who have said the DOJ’s case looks weak amid accusations that Trump is trying to bust up the merger because of a longstanding beef with Time Warner’s CNN channel. “To me, it is a close call, but I think the government has met its burden,” Hovenkamp told The Post in his first public comments about the case since a trial wrapped up last month. Specifically, Hovenkamp says he believes the DOJ has done enough to prove that AT&T and Time Warner could boost their profits by raising prices for customers if they merged. AT&T owns DirecTV, while Time Warner also owns HBO and Cartoon Network. “It has … [Read more...] about Antitrust professor: AT&T-Time Warner merger is in trouble
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest AT&T payment to Trump lawyer new twist in Time Warner fight that will change cord cutter choices A federal judge has a month until issuing a decision on AT&T’s $85.4 billion merger with Time Warner. Will the revelation that AT&T paid Trump lawyer Michael Cohen $200,000 help its case? Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Nation's Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Mike Snider, USA TODAY Published 4:00 a.m. ET May 10, 2018 CONNECT TWEET LINKEDIN COMMENT EMAIL MORE A new twist has emerged in AT&T's quest to acquire Time Warner: the revelation that the telecom giant paid President Trump's personal lawyer Michael Cohen … [Read more...] about AT&T payment to Trump lawyer new twist in Time Warner fight that will change cord cutter choices
As Dallas-based AT&T awaits a court decision that will shape its future, the company has pushed ahead with new offerings and reached 1.5 million customers with its streaming service DirecTV Now. The Dallas-based telecom released the latest subscriber count in a Wednesday earnings call during an especially high-stakes time in the company's history. AT&T is wrapping up an antitrust court battle with the Justice Department over its bid to buy Time Warner in deal that's valued at nearly $109 billion, including debt. It also faces new scrutiny from the Justice Department, which is investigating whether AT&T and rival Verizon colluded to make it harder for customers to switch carriers.If the merger is approved, AT&T — the largest pay-TV company in the country — would become the owner of Time Warner's valuable TV and movie content, including CNN, HBO and Warner Bros. Studios. AT&T executives say the content would allow them to … [Read more...] about AT&T pushes ahead with entertainment growth, while it waits for Time Warner decision
Comcast Corp. executive Greg Rigdon failed to give a big boost to the government’s antitrust case against AT&T as he testified that AT&T isn’t likely to force the nation’s largest cable-TV company to pay more for “must-have” sports, entertainment and news if it bought CNN- and HBO-owner Time Warner Inc. for $85 billion. Rigdon, testifying in the Justice Department’s blockbuster AT&T case, also said on Thursday that Comcast/NBCUniversal wouldn’t collude with AT&T/Time Warner to restrict online streamers from popular Hollywood entertainment, Variety reported from Washington. Justice department attorneys called Rigdon to testify and the Philadelphia executive acknowledged that Comcast agreed to pay more for Turner channels in recent carriage negotiations — which would lead to higher cable-TV bills. But Rigdon didn’t say how much or whether the rate was greater than inflation. Central to the … [Read more...] about Here’s why the U.S. case against AT&T’s purchase of Time Warner matters to Comcast
Comcast (CMSCA) couldn't win any popularity contests before Wednesday's Senate Judiciary Committee hearing on its controversial $45.2 billion acquisition of Time Warner Cable (TWC) -- and it won't gain any friends after it.The dilemma facing the world's largest cable company was evident in the testimony of Comcast Senior Vice President David Cohen, who as The New York Times noted, "played down the likelihood of higher prices for consumers" while also declining to back off earlier comments that the Philadelphia-based company couldn't promise that cable bills will go down or increase less rapidly because of the merger. However, he also emphasized to the Committee: "There is absolutely nothing in this transaction that will result in increase in prices for Comcast customers. Nothing." He said that's partly because Comcast's and Time Warner's service territories don't overlap.Unfortunately, cable prices have been skyrocketing even as the industry consolidates. Data from the Federal … [Read more...] about Will Comcast’s Time Warner deal mean higher bills?
Updated Sunday, August 4, 2013 at 4:35 p.m. ET (MoneyWatch) A dispute between CBS Corp. (CBS) and Time Warner Cable (TWC) came to a head Friday when CBS said the cable company has dropped the broadcaster's signal in Dallas, Los Angeles, New York and several other markets. "We deeply regret this ill-advised action, which is injurious not only to our many affected viewers, but also to Time Warner Cable itself," CBS spokeswoman Shannon Jacobs said in a statement. "Throughout this process, Time Warner Cable has conducted negotiations in a combative and non-productive spirit, indulging in pointless brinksmanship and distorted public positioning - such as the fictional and ridiculous 600 percent increase CBS supposedly demanded - while maintaining antiquated positions no longer held by any other programming distributor in the business." On Sunday, Jacobs added: "There are no negotiations taking place at this time between CBS and Time Warner Cable. Before the deadline on Friday we asked TWC … [Read more...] about Time Warner Cable drops CBS from in major markets
AT&T (T) Chief Executive Randall Stephenson, whose planned $85.4 billion acquisition of Time Warner (TWX) stunned Wall Street and aroused concerns in Congress, has already started laying out his case for why the megadeal won’t hurt consumers. In a public appearance on Monday with his Time Warner counterpart, Jeffrey Bewkes, at the WSJDLive conference in Laguna Beach, California, Stephenson unveiled plans for a so-called over-the-top $35-per-month streaming video service that would offer 100 premium channels and wouldn’t require a subscription to a cable and satellite provider. It’s aimed at the mostly young consumers known as cord-cutters who are quitting traditional pay TV. Critics across the political spectrum and some Wall Street analysts, however, remain skeptical and wonder whether consumers will benefit from one of the biggest transactions in recent years. “From my observations over the years, megamergers of this kind almost never benefit average … [Read more...] about AT&T-Time Warner: Is there anything in it for you?
WASHINGTON -- Sen. Al Franken said Thursday he was relieved to hear that Comcast was dropping its bid to buy Time Warner Cable. Franken, a Democrat on the Judiciary Committee, has been angry about the bid since the beginning, saying it will only make service more expensive and competition worse for consumers. He pushed federal regulators and the Department of Justice and the Federal Communications Commission to oppose the deal. Just last week, Franken led a letter with five other senators asking federal regulators to halt it. "I'm glad that over the last 15 months, more and more people have come to see it the way I do" he said, in a statement. "This transaction would create a telecom behemoth that would lead to higher prices, fewer choices and even worse service. We need more competition in this space, not less." Older Post Team Clinton hires lead for Minnesota grassroots operation Newer Post Teachers, DFL House members rally against GOP education bill … [Read more...] about After a year of railing against it, Sen. Al Franken relieved Comcast dropped bid to buy Time Warner