AT&T's purchase of Time Warner can stand, federal appeals court finds

AT&T store.
(Image credit: Saul Loeb/Getty Images)

A three-judge federal appeals court panel ruled on Tuesday that AT&T's acquisition of Time Warner can stand, rejecting the Justice Department's argument that the purchase would decrease pay-TV competition and lead to higher prices, CNBC reports.

In July, the agency appealed a federal judge's ruling that found the $85.4 billion acquisition legal, and in Tuesday's decision, the judges asserted that "the government's objections that the district court misunderstood and misapplied economic principles ... are unpersuasive," reports Reuters.

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Jacob Lambert

Jacob Lambert is the art director of TheWeek.com. He was previously an editor at MAD magazine, and has written and illustrated for The Philadelphia Inquirer, Philadelphia Weekly, and The Millions.