The daily business briefing: June 13, 2018

A judge approves AT&T's $85 billion purchase of Time Warner, Tesla announces plans to cut 9 percent of its workforce, and more

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1. Federal judge approves AT&T-Time Warner merger

A judge on Tuesday approved AT&T's proposed $85 billion deal to buy Time Warner, rejecting an antitrust challenge by the Justice Department. Judge Richard Leon, who presided over the six-week trial, said the government had failed to prove that the acquisition violates antitrust law. He also rejected government lawyers' request to put the deal on hold pending an appeal, saying that would be "manifestly unjust" because it would force AT&T to miss a deadline to close by June 20 or pay a $500 million penalty. The deal promises to reshape the media landscape by uniting Time Warner's content, which includes movies and TV shows, with AT&T's powerful distribution network, which includes cable, satellite, and mobile phone systems.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.