conglomerate is enough
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.
The Justice Department's objections to the merger, which was first announced in October 2016, were seen by many as colored by President Trump's battles with Time Warner-owned CNN; in May, Trump attorney Rudy Giuliani told HuffPost that "the president denied the merger." Following Tuesday's ruling, AT&T General Counsel David McAtee said, "While we respect the important role that the U.S. Department of Justice plays in the merger review process, we trust that today's unanimous decision from the D.C. Circuit will end this litigation."