The Brazilian regulator Cade unanimously voted to approve the deal between Time Warner and AT&T, which is facing strong regulatory scrutiny in the United States, as long as the companies’ operations in Brazil remain separate and agree not to share sensitive information.
The merged company must also disclose the terms of all content licensing and TV programming deals to Cade, which will assess if they undermine competition in the market.
“The agreement forces the companies to observe objective non-discrimination standards that are more comprehensive than the usual legal demands,” said Gilvandro Araújo, the Cade councilor in charge of the case.
The US$85.4 billion transaction is still subject to approval by Brazil’s telecom regulator, Anatel, as well as the US Department of Justice. AT&T has said it expects the Time Warner acquisition to close by the end of the year.