AT&T Time Warner merger without conditions
By MYBRANDBOOK
A US Federal judge has ruled that AT&T’s US$85 billion acquisition of Time Warner is legal, without placing any conditions on the merger of the telecom and media giants. U.S. District Court Judge Richard Leon further said, he would deny a stay on the deal if requested by the Justice Dept., meaning that even if DOJ appeals, the companies are free to close. That did not impose conditions on the merger's approval and secondly, he also urged the government not to seek a stay when issuing his decision in a closed-door room with reporters.
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," McAtee said in a statement. "We look forward to closing the merger on or before June 20 so we can begin to give consumers video entertainment that is more affordable, mobile, and innovative."
The news clears the way for the multi-billion dollar merger and makes it more likely that Comcast will now make a firm offer for 21st Century Fox. Fox shares also rose after Leon made his ruling. The ensuing court case saw AT&T CEO Randall Stephenson deny that the acquisition would stifle competition, while Time Warner CEO Jeff Bewkes had argued that the merger would better enable the combined company to compete with tech giants such as Google and Facebook.
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 McAfee, AT&T’s general counsel.
We look forward to closing the merger on or before June 20 so we can begin to give consumers video entertainment that is more affordable, mobile, and innovative. However, the Department of Justice indicated that it would review the court’s ruling and consider what next steps to take.
With this news spread out the shares of Time Warner jumped roughly 5 percent in extended trading. Shares of AT&T dropped as much as 2 percent and whereas, the Comcast shares dipped 4 percent after the AT&T-Time Warner decision. Shares of Fox rose 4 percent.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
Icons Of India : Puneet Chandok
Puneet Chandok is President, Microsoft India & South Asia and is respo...
ICONS OF INDIA : RISHAD PREMJI
Rishad Premji is Executive Chairman of Wipro Limited, a $11.3 billion ...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...