The US Government is Blocking the Mega-deal for Time Warner
The US Department of Justice is blocking a billions of dollars deal for the merger of Time Warner with the AT & T communications concern, Bloomberg reports.
Late Monday, the ministry filed a lawsuit against the proposed merger at a federal court in Washington. "The proposed acquisition of USD 108 billion will significantly reduce competition and ultimately lead to higher prices and fewer innovations for millions of Americans," the agency said.
AT & T subsequently announced its plans to fight for the proposed acquisition. According to the ministry's reports, the transaction should reach USD 108 billion.
Last October, AT & T reached an agreement to take over the media group. Time Warner includes HBO, Warner Bros movie studios and CNN news channel. AT & T intends to become more independent than the mobile business, where smaller competitors such as Deutsche Telekom T-Mobile and Sprint are exerting strong pressure.
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