US Justice Dept. blocking Time Warner merger: AT&T

US Justice Dept. blocking Time Warner merger: AT&T

CNN is a principal asset at Time Warner, which includes movie and television studios such as HBO, as well as publishing and music businesses.

Reports said the hold-up was, however, "all about CNN", citing sources. He's looking for ways to remedy the competitive issues posed by the combination of AT&T's vast communications network and Time Warner's media empire.

'But given DOJ's statement this afternoon, it's important to set the record straight. "Throughout this process, I have never offered to sell CNN and have no intention of doing so", Stephenson said in a statement. The other option, according to the NYT, is for AT&T to dump DirecTV.

Time Warner shares fell 6.5 percent to $88.50 at the close in NY, compared with the $107.50 offer price.

As a candidate, he promised to stop the $85 billion merger between AT&T and CNN's parent company, Time Warner.

Earlier this week, according to the insider, Justice officials told top AT&T executives that previously discussed conditions around the merger, known as a consent decree, wouldn't be sufficient to win a rubber stamp from the Trump administration without a sale. Last week, the Wall Street Journal reported that the Justice Department is preparing a lawsuit to challenge the deal in case an agreement can't be reached between the government and the companies.

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Selling off the cable news network is one of the demands being made by the US antitrust authority before it signs off on a deal that could reshape the landscape of both the media and telecom industries.

Both companies have struggled to keep younger viewers from flocking to online services like Netflix and Amazon.com's Prime Video.

The US Department of Justice has informed AT&T that it should sell CNN before the department can approve AT&T's acquisition of Time Warner. In a November 6 letter obtained by Bloomberg, the Justice Department said Delrahim "had no professional or personal connection with, or any non-public information about, the proposed merger then", and noted he told BNN there could be other antitrust issues.

AT&T declined to comment.

Another sticking point in discussions is the length of time that the US government wants to impose conditions on what AT&T can and cannot do after a deal. However, AT&T's stock was up 1 percent. "I can't comment on those discussions, but with those discussions, I can now say that the timing of the closing of the deal is now uncertain". White House adviser Kellyanne Conway denied on Sunday that the White House was intervening in the Justice Department's work on the deal, Politico noted.

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