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.
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...
Paytm brings UPI Lite Wallet for low-value transactions
Paytm’s parent company One97 Communications (OCL) is emphasizing upon UP...
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
LENOVO GROUP LTD.
POLYCAB INDIA PVT. LTD.
CP PLUS INDIA PVT. LTD.
TATA CONSULTANCY SERVICES
Technology Icons Of India 2023: Sunil Bharti Mittal
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
Technology Icons Of India 2023: Shailendra Katyal
Shailendra is instrumental in Lenovo achieving the no.1 position in PC...
Technology Icons Of India 2023: Roshni Nadar Malhotra
Roshni Nadar Malhotra is an Indian billionaire businesswoman and the c...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
EESL encouraging e-mobility adoption across India
Energy Efficiency Services Limited (EESL) is a Super Energy Service Co...
NIC bridging the digital divide and supporting government in eGovernance
The National Informatics Centre (NIC) is an Indian government departme...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
INFLOW TECHNOLOGIES PVT. LTD.
Inflow Technologies is a niche player in the IT Infrastructure Distrib...
SAVEX TECHNOLOGIES PVT. LTD.
Savex Technologies is the 3rd largest Information & Communication Tec...