Before the trial started, AT&T lawyers said the Time Warner deal may have been singled out for government enforcement but Judge Leon of the U.S. District Court for the District of Columbia rejected their bid to force the disclosure of White House communications that might have shed light on the matter.
In a ruling issued Tuesday afternoon, Judge Richard Leon said that the DOJ had failed to show how the combined tv and telco giants would substantially harm competition in the United States market.
And Leon also warned the U.S. government against bringing an appeal if the objective was to try to stymie the deal. Said David McAtee, AT&T General Counsel.
The merger had also been heavily politicized due to President Donald Trump's feud with CNN, so we'll see if the Justice Department attempts to appeal.
The Justice Department had argued that AT&T's acquisition of Time Warner would allow it to charge premium prices to rivals who relied on its Turner and HBO channels to woo customers to their cable plans, potentially giving it an unfair advantage in the pay-TV market. Most analysts believe that the decision is likely to set off a wave of takeovers and consolidation in tech, telecom, and media.
A merged AT&T-Time Warner could, in principle, refuse to supply content to some distributors in order to drive consumers to purchase its own access and content bundles, but it would not be in the merged company's financial interest to do so. The Justice Department could decide to appeal the ruling, however.
Other media stocks that saw big price moves after the judge's ruling was announced included 21 Century Fox (FOX), whose shares were up almost 5 percent on speculation it could be the subject of a bidding war between Disney (DIS), which already has a $52 billion all-stock deal for Fox on the table, and a media giant like Comcast (CMCSA), which in recent weeks has been hinting of its intention to make an even larger all-cash bid for Fox.
Nonetheless, Niknam thinks AT&T's transition to more streaming services could weigh on profitability this year.
The AT&T-Time Warner merger is a direct result of media companies like Netflix and Amazon creating and distributing content through alternative means to traditional cable. If not completed by then, either company could walk away, and AT&T would have to pay a $500 million breakup fee.
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.
But AT&T failed to provide any evidence suggesting that the DOJ's prosecution of the merger had "discriminatory effect and discriminatory intent", Leon said in a ruling earlier in the trial.
In this October 24, 2016, file photo, clouds are reflected in the glass facade of the Time Warner building in NY.
Critics charged that Trump had come out against the deal because of Time Warner's CNN, which has been highly critical of his presidency. Investors have become more confident AT&T will win, based on the difference between the offer price of $102.87 and Time Warner's share price. AT&T did not immediately respond to a request for comment.
In 27 states, 54 percent of deaths by suicide weren't tied to a known mental health condition, according to the report . The statement noted that many people in the United States do not have access to mental health services when needed.
Last year, Microsoft , along with Google and Amazon, raced to buy data centers to deal with their booming cloud businesses. The capsule hosted a single data center rack that was wrapped in pressurized nitrogen in order to keep it cool.
There have been fears that tensions will burst over into full-out war between North Korea and its western allies. USA and North Korean officials are continuing to lay the groundwork ahead of the summit.
Of course, there is a web zip ability as well, which will let Spider-Man pull himself forward and then launch into the air. This is an all-new Spider-Man universe, featuring familiar characters in unfamiliar roles.
Similar reports of Ronaldo leaving Real had emerged a year ago as well after the Spanish club beat Juventus 4-1 in the final. The widespread rumours about Cristiano Ronaldo leaving Real Madrid are refusing to die down.
White House spokeswoman Sarah Sanders said USA and North Korean officials would hold working-level talks on Monday. State media in North Korea on Monday (Jun 11) covered Kim Jong Un's arrival in Singapore in a news bulletin.
Joining the Queen to watch the event were other senior Royals, including Prince Charles and the Duke and Duchess of Cambridge . It was the first time Meghan Markle had attended the ceremony following her marriage to Prince Harry on May 19.
Kim said that "it was not an easy path here", but went on to say that "we've overcome everything and come to this place". Donald Trump also said Kim Jong Un has accepted his invitation to visit the White House sometime in the future.
Later, White House press secretary, Sarah Sanders accused the Eagles of trying to turn the visit into a publicity stunt. But facts don't matter in this us vs. them society in which you have to despise anyone who doesn't agree with you.
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Did Beyoncé & JAY-Z Renew Their Wedding Vows?!
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