AT&T wins: Judge clears $85 billion bid for Time Warner with no conditions

 | Sara Salinas  06/13/2018 8:40 AM MDT
Time Warner
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A federal judge said Tuesday that AT&T's $85.4 billion purchase of Time Warner is legal, clearing the path for a deal that gives the pay-TV provider ownership of cable channels such as HBO and CNN as well as film studio Warner Bros.

U.S. District Court Judge Richard Leon did not impose conditions on the merger's approval. He also urged the government not to seek a stay when issuing his decision in a closed-door room with reporters.

AT&T General Counsel David McAtee said the company was happy with the result.

"We are pleased that, after conducting a full and fair trial on the merits, the Court has categorically rejected the government's lawsuit to block our merger with Time Warner," McAtee said in a statement. "We look forward to closing the merger on or before June 20 so we can begin to give consumers video entertainment that is more affordable, mobile, and innovative."

Shares of Time Warner jumped roughly 5 percent in extended trading. Shares of AT&T dropped as much as 2 percent.

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