Time Warner's Sale to AT&T Has Hit a Snag
AT&T was all set to acquire Time Warner, which includes its Warner Bros. and DC Entertainment properties, but the entire deal has hit a bit of a speed bump.
During an investor conference on Wednesday, AT&T CFO John Stephens said that the timing of the closure of the deal is "now uncertain" as the Justice Department is looking into the transaction.
"The timing of the closing of the deal is now uncertain," Stephens told investors in New York. He declined further comments regarding what's been discussed with the Justice Department lawyers.
Variety reports that Department of Justice was considering a lawsuit regarding the deal. The company has been in talks with the DOJ to presumably figure out a way to push the deal through, even if there are a set of conditions that come with it.
No one is certain exactly that the Justice Department has been focusi ng on, but it has become clear among rivals of the company that AT&T could keep Time Warner content from other companies, or gain unfair leverages in carriage negotiations.
Originally, AT&T had expected to complete the merger by the end of the year, but it's now clear that that timetable won't be met.Source: Google News