Source: New York Times
AT&T announced it had completed its $85.4 billion acquisition of Time Warner on Thursday, shortly after the Justice Department said it would not seek an injunction to stop the deal.
The merger gives AT&T a vast media and entertainment portfolio belonging to Time Warner, including HBO and CNN, rights to major sports leagues and valuable film franchises such as “Harry Potter.”
“We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers,” Randall L. Stephenson, AT&T’s chairman and chief executive, said in a statement.
The Justice Department had six days to seek an injunction after a federal judge approved AT&T’s purchase of Time Warner on Tuesday. The judge’s decision is expected to prompt a series of other mergers, especially in the media industry.
However, the Justice Department still has 60 days from the date of the ruling to file an appeal, even if the companies close the merger, and such a filing remained a possibility.
“We are still considering whether or not to appeal,” a spokesman for the department said Thursday.
There was a time limit on when the government could seek an injunction, because the merger agreement between…
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