AT&T Finalizes Acquisition of Time Warner
AT&T today said it has completed its purchase of Time Warner, a deal originally valued at $85.4 billion when it was announced in October 2016. Earlier this week, a U.S. judge sided with AT&T after the Justice Department sued the company to block the deal. After losing the case, the Justice Department made no further recommendations against the deal and AT&T wrapped up the legal paperwork quickly. Time Warner — and now AT&T — owns Warner Bros., HBO, and Turner, which in turn owns CNN and other media properties. "Combine [Warner's content] with AT&T’s strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience," said Randall Stephenson, chairman and CEO of AT&T in a prepared statement. “We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers." Many fear the deal will lead to less choice and higher prices for consumers. Moving forward, AT&T will consist of four core businesses: AT&T Communications (mobile, broadband), AT&T media (Turner, HBO), AT&T International (mobile in Mexico), and AT&T's advertising and analytics. AT&T says it will create a formal name for this last business unit later in the year. John Donovan will serve as CEO of AT&T Communications, John Stankey will serve as CEO of AT&T’s media business, Lori Lee will serve as CEO of AT&T International, and Brian Lesser will serve as CEO of AT&T’s ad and analytics business. All four will report to Randall Stephenson, who remains chairman and CEO of AT&T Inc.
T-Mobile and Sprint Agree to Merge and Unite Under T-Mobile Brand and Leadership
T-Mobile and Sprint today announced plans to merge in an all-stock deal that will create a "New T-Mobile" worth $146 billion. The new company's combined radio spectrum assets will allow it to accelerate deployment of 5G technology.
Judge Says AT&T Can Buy Time Warner
AT&T today was given permission to buy Time Warmer with no conditions and no divestitures. The ruling was handed down by U.S.
Justice Dept. Gives AT&T-Time Warner Judge a Way Out
The Justice Department, during closing arguments of its case against the AT&T-Time Warner merger, suddenly suggested the judge weigh "alternative" remedies should he choose not to block the deal. The Justice Department has fought against the merger from the start, saying AT&T would use Time Warner's content as a weapon against consumers, raising prices and limiting competition.
DOJ Sues to Halt AT&T/Time Warner Merger
The U.S. Department of Justice has sued to stop the proposed merger between AT&T and Time Warner.
AT&T to Buy Time Warner for $85.4 Billion
AT&T has agreed to purchase Time Warner for $85.4 billion in a stock-and-cash deal that will merge AT&T's delivery networks with Time Warner's vast catalog of content. AT&T believes the combined companies will be able to save $1 billion per year once fully merged.