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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

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 won approval from a U . S . court on Tuesday to buy Time Warner Inc for $ 85 billion , without conditions, allowing AT&T to compete with internet Distributors including cable, satellite and wireless carriers all see buying content companies as a way to add revenue. The ruling could also prompt a

AT&T Inc (T.N) won approval from a U . S . court on Tuesday to buy Time Warner Inc (TWX.N) for $ 85 billion , 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

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.

Nine's presenters defend hiring of David Warner as commentator

  Nine's presenters defend hiring of David Warner as commentator The disgraced cricketer is joining Nine's commentary team for Saturday’s one-day international against England. But the network's higher-ups and star personalities have defended the decision.Tim Gilbert, the sports presenter on Nine's Today, told viewers on Tuesday morning he didn't understand the backlash. © David Gray/Reuters David Warner celebrates reaching his century during the first day's play in the fourth test against India at the SCG. "We've been criticised by some, but I don't understand why," said Gilbert."[Warner] has been banned from playing cricket, I get that.

The purchase of Time Warner would give AT&T the premium television content it needed to make its bundle of wireless, television and broadband services “The court ’ s verdict resoundingly supported that view.” Mr. Delrahim had argued that the only way antitrust concerns could be resolved was

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. The planned deal is seen as a turning point

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.

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.

AT&T won approval from a U . S . court on Tuesday to buy Time Warner for $ 85 billion , without conditions, allowing AT&T to compete with internet 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 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.

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

News Corp chairman says Bruce Gordon making media deals 'difficult'

  News Corp chairman says Bruce Gordon making media deals 'difficult' News Corp Australia executive chairman Michael Miller says the Bermuda-based billionaire has made major Australian media consolidation “difficult”.US companies are in a period of major consolidation, with AT&T getting court approval to buy Time Warner for $US85 billion on Wednesday, and Comcast and Disney both vying for Murdoch’s 21st Century Fox.

A US court today gave AT&T approval to go ahead and buy Time Warner without conditions. The ruling arrives after the Justice Department filed a lawsuit in November 2017 to try and stop the deal, which is valued at $ 85 billion . The District Court Judge Richard Leon determined that the US

AT&T Inc won approval from a U . S . court on Tuesday to buy Time Warner Inc for $ 85 billion , allowing A combination photo shows the Time Warner shares price at the New York Stock Exchange and AT&T logo in New York, NY, U . S ., on November 15, 2017 and on October 23, 2016 respectively.

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.

The AT&T-Time Warner ruling is making the Murdoch family billions of dollars richer .
Disney has raised its offer to buy a bundle of Fox's assets by nearly $20 billion since its initial acquisition agreement in December.In December, Rupert Murdoch decided a $US52 billion offer from Disney fairly valued his bundle of Fox assets. Now he's staring at a bid that's almost $US20 billion higher.

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