AT&T has just increased its standing as a media giant after U.S. District Judge Richard Leon’s ruling today has allowed the company to complete its purchase of Time Warner for $85 billion. The transaction will close on June 20th and makes AT&T the new owner of CNN, HBO, TNT and TBS. It also gives the company ownership of the iconic Time Warner movie studio and a large inventory of film titles including the Batman and Harry Potter series.
AT&T Gets Approval to Buy Time Warner for $85 Billion
The deal was first announced in October 2016, and immediately then Donald Trump said that if he won the election, he would block the deal. At the time, Trump said that the transaction would result in “too much concentration of power in the hands of too few.” The Justice Department filed suit in November of last year.
The Judge’s ruling included a message to the government. Stating that the Justice Department failed to meet its burden of proof. He also warned that the government might try to find a way around the courts to block the deal.
Furthermore, the ruling does not require AT&T to divest any assets of Time Warner to complete the transaction.