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Money AT&T wins U.S. court approval to buy Time Warner for $85 billion

07:56  13 june  2018
07:56  13 june  2018 Source:   reuters.com

AT&T closes $81B take over of Time Warner

  AT&T closes $81B take over of Time Warner AT&T has completed its $81 billion takeover of Time Warner, one of the biggest media deals ever. A federal judge approved the combination just two days earlier over objections by the Trump Justice Department that it would hurt consumers.The merger could shape the way consumers stream TV and movies and how much they pay, and stands to usher in a new era of accelerating change and deal making in the media and telecom worlds.The announcement came late Thursday from Dallas-based AT&T, a telephone, cable and satellite behemoth that now will own an array of TV networks and sought-after programming.

WASHINGTON (Reuters) - AT & T Inc won court approval on Tuesday to buy Time Warner Inc for $ 85 billion , rebuffing an attempt by U . S . President Donald Trump’s administration to block the deal and likely setting off a wave of corporate mergers.

WASHINGTON, June 12 (Reuters) - AT & T Inc won approval from a U . S . court on Tuesday to buy Time Warner Inc for $ 85 billion , allowing AT & T to compete with internet companies that dominate digital advertising and providing new sources of revenue.

FILE PHOTO: A combination photo of the Time Warner shares price at the New York Stock Exchange and AT&T logo in New York© REUTERS/Lucas Jackson (L) and REUTERS/Stephanie Keith/File Photos FILE PHOTO: A combination photo of the Time Warner shares price at the New York Stock Exchange and AT&T logo in New York

AT&T Inc (T.N) won approval from a US court on Tuesday to buy Time Warner Inc (TWX.N) for $85 billion ($AU112 billion), without conditions, allowing AT&T to compete with internet companies that dominate digital advertising and providing new sources of revenue.

The planned deal is seen as a turning point for a media industry that has been upended by companies like Netflix Inc (NFLX.O) and Google which produce content and sell it online directly to consumers, without requiring a pricey cable subscription. Distributors including cable, satellite and wireless carriers all see buying content companies as a way to add revenue.

Aussie sporting icons come to Warner's defence

  Aussie sporting icons come to Warner's defence Former Australian netball captain Liz Ellis has urged the Australian public to forgive fallen cricketer David Warner following the ball tampering row. Warner made his first public appearance on Nine’s coverage of the One Day International between Australia and England and showed remorse for his actions.Speaking on Sports Sunday, Ellis said that it was time for the Australian public to move on from the saga as Warner has “done what he has to do”.“He totally admitted that he was wrong. He totally admitted that he faces a huge uphill battle. He’s copped a huge amount of criticism,” she said.

AT & T Reaches Deal To Buy Time Warner For More Than $ 85 Billion . On the campaign trail Saturday, Republican presidential nominee Donald Trump said he would block the deal if he wins the election.

Time Warner headquarters in New York. AT & T has reached a deal to acquire Time Warner for more than $ 85 billion , a blockbuster deal that fuses a mobile giant with an entertainment conglomerate, carrying with it the potential to reshape the media landscape.

The ruling could also prompt a cascade of pay TV companies buying television and movie makers, with Comcast Corp's (CMCSA.O) bid for some Twenty-First Century Fox Inc (FOXA.O) assets potentially the first out of the gate.

The merger, including debt, would be the fourth largest deal ever attempted in the global telecom, media and entertainment space, according to Thomson Reuters data. It would also be the 12th largest deal in any sector, the data showed.

"I conclude that the government has failed to meet its burden of proof," District Court Judge Richard Leon told the court. He called one of the government's arguments against the deal "gossamer thin."

The judge in a scathing opinion urged the US government not to seek a stay of his ruling, saying it would be "manifestly unjust" to do so and not likely to succeed.

Steve Smith and David Warner selected in Global T20 Canada draft

  Steve Smith and David Warner selected in Global T20 Canada draft Suspended Australia stars Steve Smith and David Warner have both been drafted for the Global T20 Canada tournament ahead of their return to competitive action. The former Australia Test captain and vice-captain were handed 12-month bans from international and first-class cricket for their roles in the ball-tampering scandal during the team's tour of South Africa earlier this year.But Smith and Warner are set to feature at Cricket Canada's inaugural Twenty20 competition later this month after the pair were selected in Monday's (AEST) draft.

AT & T Inc is set to announce an $ 85 billion deal to buy Time Warner Inc on Saturday, sources familiar with the matter said, the boldest move yet by a telecommunications company to acquire content to stream over its high-speed network in an attempt to appeal to a growing number of online viewers.

AT & T Inc. announced Saturday evening it has agreed to buy Time Warner Inc. for .5 billion , a price point of 7.50 a share, split equally between cash and stock. The Golden State Warriors bested the Cleveland Cavaliers 108- 85 Friday night, winning their second NBA championship in a

Shares of AT&T were about flat in after-hours trade following the decision, while Time Warner rose more than 5 percent.

Tim Gilbert and Karl Stefanovic back Channel Nine hiring David Warner as commentator for England-Australia one-dayer

  Tim Gilbert and Karl Stefanovic back Channel Nine hiring David Warner as commentator for England-Australia one-dayer He's getting some support.Warner has been suspended from international and first-class cricket for 12 months, along with former captain Steve Smith and opener Cameron Bancroft (nine months), for his role in the ball-tampering scandal that rocked world cricket in March.

The telecommunications giant agreed on Saturday to buy Time Warner , the home of HBO and CNN, for about $ 85 .4 billion , creating a new colossus capable of both producing content and distributing it to millions with wireless phones, broadband subscriptions and satellite TV connections.

AT & T will pay 0 per Time Warner share in cash and stock, or about $ 85 billion overall, sources told Reuters. AT & T would likely be able to win U . S . antitrust approval for the deal, some experts said, but regulators likely would put conditions on approval , some experts said.

The Justice Department filed a lawsuit to stop the deal in November 2017, saying that AT&T's ownership of both DirecTV and Time Warner would give AT&T unfair leverage against rival cable providers that relied on Time Warner's content, such as CNN and HBO's "Game of Thrones."

AT&T in a six-week trial argued that the purchase of Time Warner would allow it to gain information about viewers needed to target digital advertising, much like Facebook Inc (FB.O) and Alphabet Inc's (GOOGL.O) Google already do.

AT&T and other wireless carriers need to find new sources of revenue as the mobile phone market stagnates and more customers abandon pricey cable and satellite packages for streaming services they can watch on their phones or televisions.

The government estimated costs to industry rivals, such as Charter Communications Inc (CHTR.O), would increase by $580 million ($AU756.6 million) a year if AT&T owned Time Warner.

To assuage the Trump administration's criticisms, AT&T offered to submit pricing disagreements with other pay-TV companies over Turner's channels to third-party arbitration. The companies further offered not to black out programming during arbitration for seven years.

Announced in October 2016, the deal was quickly denounced by Donald Trump, who as a candidate and later as president has been critical of Time Warner's CNN and its coverage.

Before the trial started, AT&T lawyers said the Time Warner deal may have been singled out for government enforcement but Judge Leon of the U.S. District Court for the District of Columbia rejected their bid to force the disclosure of White House communications that might have shed light on the matter.

The deal cost AT&T's top lobbyist, Bob Quinn, his job in May after it became public that AT&T had paid Trump's personal lawyer Michael Cohen $600,000 ($AU792,060) for advice on winning approval.

The ruling could also have implications for CBS Corp's (CBS.N) potential tie-up with Viacom Inc (VIAB.O), which is already uncertain because of a lawsuit between CBS's controlling shareholder, Shari Redstone, and its board.

Canberra cyclist Nathan Haas on podium at Tour de Suisse .
Canberra cyclist Nathan Haas has put illness behind him to finish on the podium in stage two of the Tour de Suisse on Monday. Fellow Canberran Michael Matthews finished fourth, one spot behind Haas, with Peter Sagan claiming the win in a reduced-bunch sprint.Matthews is sixth overall, 23 seconds behind race-leader Stefan Kung, and is preparing to defend his green jersey at next month's Tour de France - although his main goals will be stage wins and helping Team Sunweb teammate Tom Dumoulin try to win the Tour rather than trying to finish in Paris in green again.

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