WASHINGTON The head of the U.S. Federal Communications Commission does not expect to review AT&T Inc's (T.N) planned $85.4 billion acquisition of Time Warner Inc (TWX.N), a spokesman for the agency said on Monday. FCC Chairman Ajit Pai had ...and more »
By David Shepardson
WASHINGTON The head of the U.S. Federal Communications Commission does not expect to review AT&T Inc's (T.N) planned $85.4 billion acquisition of Time Warner Inc (TWX.N), a spokesman for the agency said on Monday.FCC Chairman Ajit Pai had told the Wall Street Journal in an interview on Monday at the Mobile World Congress in Barcelona that he did not foresee a role for the FCC on the takeover and his comments were confirmed to Reuters by FCC spokesman Neil Grace.Last Thursday, Time Warner said it plans to sell a broadcast station in Atlanta to Meredith Corp for $70 million, which could help speed the company's planned merger with AT&T. Pai declined to say on Thursday if he would use that transfer to try to review the broader merger.In January, AT&T said it expected to be able to bypass the FCC because it would not seek to transfer any Time Warner licenses.
About a dozen U.S. senators have urged him to review the deal.The station that Time Warner is selling, WPCH-TV in Atlanta, is its only FCC-regulated broadcast station. It has other, more minor FCC licenses. Meredith has operated WPCH-TV for Time Warner since 2011. It was previously know as WTBS.Time Warner said last month it expected it would only need the consent of the U.S. Department of Justice.
The Justice Department, which is reviewing documents submitted on the proposed merger, has to prove a proposed deal harms competition in order to block it. The FCC has broad leeway to block a merger it deems is not in the "public interest" and can impose additional conditions.AT&T Chief Executive Randall Stephenson told CNBC earlier this month the Justice Department review was ongoing and he thought the deal would close by the end of the year. "It's a clean transaction," he said.
People briefed on the matter do not expect the Justice Department to act on the merger until an assistant attorney general overseeing the anti-trust division is named and confirmed by the U.S. Senate.AT&T, which repeatedly clashed with the FCC under President Barack Obama over major industry regulations, said last year one benefit to its buying Time Warner is that the programing company is "lightly regulated compared to much of AT&T's existing operations." (Reporting by David Shepardson; editing by Grant McCool)
Buffett tells CNBC Berkshire bought 120 million Apple shares in 2017
NEW YORK Billionaire investor Warren Buffett told CNBC on Monday his conglomerate Berkshire Hathaway Inc had more than doubled its stake in Apple Inc. since the end of 2016, making it one of Berkshire's biggest equity holdings, and that U.S. stocks overall were not in "bubble territory."
Tesla plunges another 5 percent on fears of Model 3 delays
SAN FRANCISCO Shares of Tesla dropped on Monday after a downgrade by Goldman Sachs, bringing the electric carmaker's decline to 11 percent since its quarterly report last week stoked worries about how much cash it is using to launch its Model 3 sedan.
China says it has received its largest foreign drone order: Xinhua
SHANGHAI An undisclosed buyer has placed the largest overseas order for China's home-developed military drones, the Xinhua news agency has reported, in a boost for the Chinese arms industry's efforts to increase export volumes.
United States,AJIT PAI,Barack Obama,Neil Grace,Randall L. Stephenson,US,TIMEWARNER,ATT,FCC,Computer and Electronics Retailers (TRBC),Mergers / Acquisitions / Takeovers,Hotels and Entertainment Services (TRBC),Arts / Culture / Entertainment,Media and Publishing (TRBC),Software (TRBC),Divestitures / Spin,Offs,Major News,Equities Markets,Deals,Entertainment Production (TRBC),Media / Publishing (Legacy),United States,Computer Hardware (TRBC),Company News,Telecommunications Services (TRBC),Wireless Telecommunications Services (TRBC),Volatile Shares / Hot Stocks,Government / Politics,Corporate Events,Monopolies / Antitrust Issues,Technology (TRBC),Investment Banking and Brokerage Services (TRBC),Banking and Investment Services (TRBC),Broker Research / Recommendations,Internet / World Wide Web,US Government News,Science,Regulation,Broadcasting (TRBC)