A U.S. appeals court approved AT&T Inc's deal to buy media company Time Warner on Tuesday, a defeat for the Trump admin which had argued the $85.4 billion merger would mean higher prices for consumers
FILE PHOTO - An AT&T logo is pictured in Pasadena, California, U.S., January 24, 2018. REUTERS/Mario Anzuoni/File PhotoWASHINGTON - A U.S. appeals court approved wireless carrier AT&T Inc's deal to buy media company Time Warner on Tuesday, a defeat for the Trump administration which had argued the $85.4 billion merger would mean higher prices for consumers.
The three-judge panel on the U.S. Court of Appeals for the District of Columbia ruled unanimously in favor of the deal. The decision could end a 15-month effort by the Justice Department to block the deal.The Justice Department had asked the court to declare the deal illegal, arguing that AT&T, which owns DirecTV, would use ownership of Time Warner’s content, such as CNN and HBO's"Game of Thrones," to make pay-TV rivals pay more, thus raising prices for consumers.
The appeals court said it would give the Justice Department seven days to seek a rehearing or a review by the full appeals court before issuing the formal legal mandate. AT&T agreed it would have no role in setting Turner’s prices to distributors and the number of Turner employees would remain largely unchanged.
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