Nov 20, 2017

US moves to block AT&T's $85.4bn takeover of Time Warner

The US Department of Justice has filed a lawsuit to block telecoms giant AT&T's $85.4bn acquisition of Time Warner, the owner of CNN and HBO. The decision sets up a high-profile fight over US anti-trust law, which has rarely been tested in cases involving companies that do not directly compete. US President Donald Trump objected to the deal during his campaign last year. In its lawsuit, the Department of Justice claimed that AT&T would use Time Warner's content to force rival pay TV companies to pay "Hundreds of millions of dollars more per year for Time Warner's networks". Previously, US media reported that the Department of Justice was pushing AT&T to sell some of its assets as a condition for approval. AT&T chief executive Randall Stephenson said last week he would not sell CNN..

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