Nov 10, 2017
AT&T Inc will not sell cable network CNN to win antitrust approval of its proposed $85.4 billion purchase of media company Time Warner Inc and will fight the government in court if a negotiated settlement is not reached, the wireless company’s chief executive said on Thursday.
Justice Department staff recommended that AT&T sell either its DirecTV unit or Time Warner’s Turner Broadcasting unit, which includes news company CNN, a government official told Reuters on Thursday, on the grounds that a combined company would raise costs for rival entertainment distributors and stifle innovation.
The two sides are still in talks on approving the deal, which was announced in October 2016, but have disagreed on whether asset sales are necessary to gain approval.
‘If we feel like litigation is a better outcome then we will litigate,’ AT&T CEO Randall Stephenson told the New York Times DealBook conference on Thursday. He said the company had been ready to go to court the day the deal was announced.
This article was posted: Friday, November 10, 2017 at 10:09 am