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Offbeat AT&T wins U.S. court approval to buy Time Warner for $85 billion

23:56  12 june  2018
23:56  12 june  2018 Source:   reuters.com

Now that AT&T has been cleared to buy Time Warner, here's what happens next

  Now that AT&T has been cleared to buy Time Warner, here's what happens next <p>On Tuesday, U.S. District Court Judge Richard Leon ruled that AT&amp;T could buy Time Warner with no conditions attached, denying a U.S. Department of Justice antitrust challenge to the deal.</p>The DOJ could still appeal, but assuming it doesn't, here's what happens next.

AT & T Reaches Deal To Buy Time Warner For More Than $ 85 Billion . On the campaign trail Saturday, Republican presidential nominee Donald Trump said he would block the deal if he wins the election.

Time Warner headquarters in New York. AT & T has reached a deal to acquire Time Warner for more than $ 85 billion , a blockbuster deal that fuses a mobile giant with an entertainment conglomerate, carrying with it the potential to reshape the media landscape.

AT&T Inc won approval from a U.S. court on Tuesday to buy Time Warner Inc for $85 billion, allowing AT&T to compete with internet companies that dominate digital advertising and providing new sources of revenue.

The planned deal is seen as a turning point for a media industry that has been upended by companies like Netflix Inc and Google which produce content and sell it online directly to consumers, without requiring a pricey cable subscription. Distributors including cable, satellite and wireless carriers all see buying content companies as a way to add revenue.

The ruling could also prompt a cascade of pay TV companies buying television and movie makers, with Comcast Corp's bid for some Twenty-First Century Fox Inc assets potentially the first out of the gate.

Now that AT&T has been cleared to buy Time Warner, here's what happens next

  Now that AT&T has been cleared to buy Time Warner, here's what happens next <p>On Tuesday, U.S. District Court Judge Richard Leon ruled that AT&amp;T could buy Time Warner with no conditions attached, denying a U.S. Department of Justice antitrust challenge to the deal.</p>The DOJ could still appeal, but assuming it doesn't, here's what happens next.

AT & T Inc is set to announce an $ 85 billion deal to buy Time Warner Inc on Saturday, sources familiar with the matter said, the boldest move yet by a telecommunications company to acquire content to stream over its high-speed network in an attempt to appeal to a growing number of online viewers.

AT & T will shell out a whopping $ 85 .4 billion to acquire Time Warner and all of its properties It's an integrated approach and we believe it's the model that wins over time . Time Warner 's The merger is subject to approval by Time Warner Inc. shareholders and review by the U . S . Department of Justice.

The merger, including debt, would be the fourth largest deal ever attempted in the global telecom, media and entertainment space, according to Thomson Reuters data. It would also be the 12th largest deal in any sector, the data showed.

The Justice Department filed a lawsuit to stop the deal in November 2017, saying that AT&T's ownership of both DirecTV and Time Warner would give AT&T unfair leverage against rival cable providers that relied on Time Warner's content, such as CNN and HBO's "Game of Thrones."

AT&T in a six-week trial argued that the purchase of Time Warner would allow it to gain information about viewers needed to target digital advertising, much like Facebook Inc and Alphabet Inc's Google already do.

Comcast offers to buy Fox media assets for $65 billion in cash

  Comcast offers to buy Fox media assets for $65 billion in cash <p>Comcast offered $65 billion Wednesday for Twenty-First Century Fox media assets, emboldened by AT&amp;T's prevailing over the Trump administration's attempt to block a merger with Time Warner</p>The all-cash offer for Fox's movie and TV studios and other assets including the X-Men franchise, opens a war with Walt Disney Co, which has bid $52 billion in stock.

U . S . Justice Department, AT & T await nail-biter of a court decision. A federal judge will decide next week whether AT & T (: T .N), which owns DirecTV, will be allowed to buy Time Warner (:TWX - News), home to CNN and March Madness basketball, for $ 85 billion .

AT & T Inc ( T .N) said on Saturday it agreed to buy Time Warner Inc (TWX.N) for $ 85 .4 billion , the boldest move yet by a telecommunications company to acquire content U . S . Republican presidential nominee Donald Trump said at a rally he would block any AT & T - Time Warner deal if he wins the Nov.

AT&T and other wireless carriers need to find new sources of revenue as the mobile phone market stagnates and more customers abandon pricey cable and satellite packages for streaming services they can watch on their phones or televisions.

The government estimated costs to industry rivals, such as Charter Communications Inc, would increase by $580 million a year if AT&T owned Time Warner.

To assuage the Trump administration's criticisms, AT&T offered to submit pricing disagreements with other pay TV companies over Turner's channels to third-party arbitration. The companies further offered not to black out programming during arbitration for seven years.

Announced in October 2016, the deal was quickly denounced by Donald Trump, who as a candidate and later as president has been critical of Time Warner's CNN and its coverage.

Before the trial started, AT&T lawyers said the Time Warner deal may have been singled out for government enforcement but Judge Richard 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.

The deal cost AT&T's top lobbyist, Bob Quinn, his job in May after it became public that AT&T had paid Trump's personal lawyer Michael Cohen $600,000 for advice on winning approval.

The ruling could also have implications for CBS Corp's potential tie-up with Viacom Inc, which is already uncertain because of a lawsuit between CBS's controlling shareholder, Shari Redstone, and its board.

(Reporting by Diane Bartz and David Shepardson; Additional reporting by Ginger Gibson in Washington and Sheila Dang in New York; Writing by Peter Henderson; Editing by Lisa Shumaker)

Fujifilm sues Xerox for $1 billion over failed takeover bid .
<p>Fujifilm Holdings has accused Xerox of caving to the whims of activist investors Carl Icahn and Darwin Deason in backing out of a $6.1 billion takeover deal.</p>Fujifilm sued Xerox Monday in Manhattan federal court over the failed takeover, seeking more than $1 billion in damages. Xerox’s board said it was terminating the transaction on May 13, according to the lawsuit.

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