Content powerhouse Time Warner has hurdled one of its obstacles on the way to a merger with telecom giant AT&T.
Time Warner shareholders on Wednesday voted to approve AT&T’s $85.4 billion acquisition. Announced in October, the mega-merger would pair entertainment creators such as HBO, CNN and Warner Bros. studio with AT&T’s wired and wireless networks and DirecTV.
Bigger hurdles remain, however. The Justice Department is reviewing the merger, AT&T CEO Randall Stephenson told CNBC last week and he expects the deal to close by the end of the year. AT&T and Time Warner do not compete with each other, thus the deal is a vertical merger, which should be less concerning for regulators, Stephenson has said.
Full Content: USA Today
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.