A judge just approved the $85 billion merger between AT&T and Time Warner — and it will affect the future of media M&A for decades to come
www.businessinsider.com
AT&T chief executive Randall Stephenson just won big.
In one of the most anticipated antitrust rulings in decades, federal judge Richard Leon approved the $85 billion merger between AT&T and Time Warner.
The deal, nearly two years in the making, net a massive and potentially legacy-sealing win for AT&T chief executive Randall Stephenson.
The case was closely followed by an industry in the midst of consolidation.
"This decision from Judge Leon will have broad ramifications for the tech, telecommunications and media sector for decades to come," Daniel Ives, the chief strategy officer at GBH Insights, told Business Insider in an email before the decision was handed down.
"This deal will accelerate content and streaming initiatives between Time Warner properties and AT&T and be a major shot across the bow to other cable and wireless players with all these assets under one hood," he said.
Many antitrust lawyers predicted that AT&T would prevail.
"The conventional wisdom is that the government had a steep hill to climb bringing the first vertical-merger case," in over 40 years, Eric Mahr, a former director of litigation at the Department of Justice, told Business Insider.
The DOJ also faced harsher questioning from the judge, who came off exasperated at times during the government's arguments.
"Isn't it a bit of a kabuki dance where everyone threatens to go dark, but then it never ends up happening?" Judge Leon asked in response to a statement about the threat of content blackouts.
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The industry is now turning its eyes to another potential megamerger — the fight between Comcast and Disney to acquire 21st Century Fox. With AT&T's victory over the DOJ, it seems likely that Comcast will put together its bid for Fox quickly.
A Comcast-Fox deal would be another vertical merger, like the AT&T-Time Warner deal. Tuesday's opinion shows the high burden the government must clear to win a vertical merger lawsuit.
But some experts urge caution in thinking the DOJ's top antitrust official Makan Delrahim will allow a Comcast-Fox deal to go through unopposed.
"It's not hard to imagine [Delrahim] doubling down to send a message to companies," an industry analyst told Business Insider.
And the AT&T-Time Warner deal is not necessarily yet in the clear. The DOJ can still appeal the case, a possibility some industry experts think will happen.
"Makan Delrahim seems personally invested in this case, so we suspect DOJ would appeal," Paul Gallant, an analyst at Cowen & Co, wrote.
http://www.businessinsider.com/att-time-warner-merger-2018-6
Fate of Fake News (formally known as CNN) unclear but ATT's Chairman has publicly stated that if the deal is approved ATT will dump Fake News (formally known as CNN).
Fate of Fake News (formally known as CNN) unclear but ATT's Chairman has publicly stated that if the deal is approved ATT will dump Fake News (formally known as CNN).
Nope. And as usual, you don't even understand why it was discussed.
https://www.nbcnews.com/news/us-news/t-won-t-sell-cnn-close-time-warner-deal-n819501
“I have never been told that the price of getting the deal done was selling CNN, period," [Stephenson] said. "And likewise, I have never offered to sell CNN.”
A Justice Department source insisted on Thursday that AT&T had offered to sell CNN as part of negotiations over the merger.
Sources told NBC on Wednesday that the Justice Department had told AT&T that it would have to sell one of its significant assets — such as Turner Broadcasting, which includes CNN, or DirectTV — or one of Time Warner's for the acquisition to be approved.
On Thursday, Stephenson said AT&T shouldn't be expected "to sell something larger."
"It’s why you did the deal, it’s where the synergies come from," he said. "Selling the key franchises makes no sense, and those are the kind of things we’d move to litigation.”
Fate of Fake News (formally known as CNN) unclear but ATT's Chairman has publicly stated that if the deal is approved ATT will dump Fake News (formally known as CNN).
Nope. And as usual, you don't even understand why it was discussed.
https://www.nbcnews.com/news/us-news/t-won-t-sell-cnn-close-time-warner-deal-n819501
“I have never been told that the price of getting the deal done was selling CNN, period," [Stephenson] said. "And likewise, I have never offered to sell CNN.”
A Justice Department source insisted on Thursday that AT&T had offered to sell CNN as part of negotiations over the merger.
Sources told NBC on Wednesday that the Justice Department had told AT&T that it would have to sell one of its significant assets — such as Turner Broadcasting, which includes CNN, or DirectTV — or one of Time Warner's for the acquisition to be approved.
On Thursday, Stephenson said AT&T shouldn't be expected "to sell something larger."
"It’s why you did the deal, it’s where the synergies come from," he said. "Selling the key franchises makes no sense, and those are the kind of things we’d move to litigation.”
Exactly dumba$$, Stephenson said the sale of Fake News (formally known as CNN) was not critical to the deal but ATT's Chairman also said that if the deal is approved ATT will dump Fake News (formally known as CNN).
Learn to read all the words son.
Exactly dumba$$, Stephenson said the sale of Fake News (formally known as CNN) was not critical to the deal but ATT's Chairman also said that if the deal is approved ATT will dump Fake News (formally known as CNN).
Learn to read all the words son.
Oh I read what you added at the end of the article. Doesn't make it true, and it makes even less sense. Feel free to share your source if you have one.
Exactly dumba$$, Stephenson said the sale of Fake News (formally known as CNN) was not critical to the deal but ATT's Chairman also said that if the deal is approved ATT will dump Fake News (formally known as CNN).
Learn to read all the words son.
Oh I read what you added at the end of the article. Doesn't make it true, and it makes even less sense. Feel free to share your source if you have one.
Long ago posted here in the WP.
Still having memory problems son?
Long ago posted here in the WP.
Still having memory problems son?
Haha, wow.
Get some fresh air, friend. Me thinks you've been down here too long.
Bad day in muledouche land.