November 21 news, according to CNBC reports, the US operator AT&T has confirmed that the Ministry of Justice is suing the company, and the company has reached an $85 billion M&A deal with Time Warner.
David McAtee, AT&T’s senior executive vice president and general counsel, said in a statement: “The Justice Department’s litigation is too radical and puzzling, deviating from decades of antitrust practices. Vertical mergers like this It is usually approved because it benefits consumers and does not require removing any competitors from the market. We believe that our merger should not be treated differently."
AT&T has established a website to explain the transaction. As news media began to report that the U.S. Department of Justice is planning to take a major anti-trust action, Time Warner's share price has started to fall. The Department of Justice claimed that the AT&T-Time Warner M&A transaction is "illegal" and "harmful" to consumers. This move will surely cause controversy because of the tight relationship between Donald Trump and CNN’s CNN. Trump repeatedly criticized CNN’s report and called it “false newsâ€. Just last week, Trump wrote on Twitter: "In the Philippines, I was forced to watch CNN's show. This is something I haven't done for months. I realize once again how bad it is. How false is it. Losers!"
The U.S. Department of Justice refutes many conspiracy theories regarding its obstruction of the deal and denies accusations of punishing CNN news reports in this way. White House Press Secretary Sarah Huckabee Sanders also stated that she does not know that President Trump or anyone in the White House is encouraging the promotion of this agreement. The next step in mergers and acquisitions will take place in court, and the Justice Department now has to prove that the merger violated the law.
AT&T pointed out that in the past 50 years, the Ministry of Justice did not succeed in preventing vertical mergers and acquisitions. The so-called vertical mergers and acquisitions mean that the two companies are in different positions on the unified supply chain. In this case, it is Content (Time Warner) + Media Distribution (AT&T). The US Department of Justice may argue that although this is primarily a vertical merger, the merger will increase costs and harm consumers.
Sources broke the news that the Ministry of Justice had contacted at least 18 State Attorney Generals in an attempt to reach a lawsuit against the deal, but no one had responded yet. AT&T’s McCarty said in a statement: “We believe that the court will reject the government’s request and approve our transactions in accordance with long-term legal precedents.†(small)
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