FCC Approves AT&T And Time Warner Deal
The U.S. Federal Communications Commission announced on Monday that is has given Time Warner Inc permission to sell a broadcast station in Atlanta to Meredith which would make its current planned merger with telecommunications company AT&T Inc close faster. Meredith is known for working and operating Time Warner’s WPCH-TV since 2011.
Back in January, AT&T announced that it expects to be able to bypass the FCC in their plan to acquire Time Warner for $85.4 billion as it does not plan to transfer any significant Time Warner licenses.
The merger would give AT&T access to hundreds of content from shows to films which can be used as the company struggles to offer their customers more services. Time Warner currently owns programs and channels such as CNN, HBO, and Turner Broadcasting System.
Meanwhile, Meredith released a statement on Monday expressing their anticipation following the FCC’s approval of the application and that it intends to keep moving forward in closing the deal soon.
Meredith originally expected the sale to be closed in June 30. On the other hand, Time Warner has yet to comment on the approval of the deal from the FCC.
Despite the FCC approval, the merger between the two companies is still at risk of being blocked by the Department of Justice as democrats have argued that the deal would raise prices against public interest. The Justice Department who would have to prove that the deal harms competition and would raise telecom services prices is currently proposing to block the possible merger between the two companies.
Time Warner is now one step to closing the deal from the proposed $85.4 billion purchase by AT&T.
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