U.S. Department of Justice no longer appeals AT&T

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      AT&T (T.N) became the winner Tuesday, defeating the U.S. government's attempt to block its $85.4 billion acquisition of Time Warner, and the Justice Department said it would not challenge the Court of Appeal's decision to approve the deal.
The acquisition was closely watched by politicians as President Trump attacked it for benefiting Time Warner's American Cable News Network (CNN). He accused CNN of spreading "false news".
A panel of three judges from the District of Columbia Court of Appeal ruled unanimously Tuesday in support of the acquisition, saying the government's claim that the acquisition would lead to higher consumer prices was "unconvincing". The Ministry of Justice's 15-month effort to block transactions has failed.
The deal is seen as a turning point in the media industry. With Netflix (NFLX.O) and Google's Alphabet (GOOGL.O) being able to push content online without having to subscribe to cable TV, the media industry has changed dramatically.
The merger was announced in October 2016 and completed on June 14, 2018, shortly after Richard Leon, a U.S. District Judge, ruled that it was legal under the antitrust law.
AT&T shares closed up 0.3% at $31.22 on Tuesday.


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