AT&T completes its takeover of Time Warner

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.Image copyright
Reuters

US telecoms giant AT&T has completed its takeover of entertainment firm Time Warner after winning a court battle earlier this week.

The more than $80bn (£60.34bn) deal, which has been two years in the making, led to one of the largest US anti-trust lawsuits in decades.

But a US district court judge cleared the marriage of the two giants on Tuesday without conditions.

The merger could shake up the US media scene for years to come.

The Trump administration’s argument was that the marriage between the two firms would harm consumers.

But AT&T argued it needed to acquire Time Warner to compete with online streaming services like Amazon and Netflix.

It is expected now that more content distribution companies will try to acquire content production companies.

The landmark deal between the firms will see well-known franchises like Game of Thrones, Wonder Woman and CNN under the roof of America’s largest pay-tv provider.

The Trump administration has 60 days to file an appeal, and says it is currently considering its options.

AT&T completes its takeover of Time Warner

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