One major merger got closer to fruition yesterday when a federal appeals court turned down the Department of Justice’s (DOJ) appeal of a lower court’s decision to approve the $85 billion AT&T-Time Warner merger, according to The Hill.
“Unpersuasive” was the verdict from a three-judge panel at the D.C. District Court of Appeals. “The merger of these innovative companies has already yielded significant consumer benefits, and it will continue to do so for years to come,” AT&T general counsel David McAtee said in a statement. “While we respect the important role that the U.S. Department of Justice plays in the merger review process, we trust that today’s unanimous decision from the D.C. Circuit will end this litigation,” he told The Hill.
The companies first announced the merger in October of 2016, and the DOJ’s antitrust division has tried to stop the deal for over a year. The agency did not issue a comment on the ruling. President Trump, while a candidate at the onset of the deal, vowed to block the merger, saying it concentrated too much media power into one company.
February, 27, 2019
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