FIRST AIRED: June 12, 2018

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:01
>> A big win for AT&T on Tuesday, a US Court giving it a green light for its mammoth $85 billion purchase of Time Warner. The telecom giant's win is a big loss for the US Department of Justice which filled a law suit last year. The government was against the deal, claiming one company shouldn't control phone, broadband, Direct TV, satellite programming and Time Warner's TV, video, and movie content.
00:00:26
The ruling will surely reverberate beyond this one deal, says Reuters Liana Baker.>> Investors are now betting that there's gonna be a flurry of media consolidation. Fox shares were up after the decision, Discovery shares were also up. Even Sprint and T-Mobile, which are waiting for a decision of their own from the government, also saw their shares rise.
00:00:45
So it's clear there's gonna be a follow on trend of other deals.>> President Donald Trump has been a strong opponent of the deal first announced in October 2016. Specifically Trump has been intensely critical of news coverage by Time Warner's CNN.>> AT&T is buying Time Warner and thus CNN, a deal we will not approve in my administration.
00:01:07
Because it's too much concentration of power in the hands of too few.>> The merger is the fourth largest deal ever attempted in the global telecom media and entertainment space. For AT&T, it's about growth.>> From the beginning, AT&T has said that to better compete in this changing media environment.
00:01:27
To compete with Amazon and Netflix, they need to create better products, stickier products for customers. So by owning the content creators that will give them a chance to sort of make products that are more exciting for customers than just your mobile phone plan.>> While the Justice Department can still appeal the judge, in a scathing opinion, urged the US government not to seek a stay of his ruling.
00:01:50
Saying it would be, quote, manifestly unjust to do so and not likely to succeed. Time Warner shares rose more than 5% late Tuesday with the blockbuster deal moving one step closer to the finish line.