European Union Approves AT&T-Time Warner Merger2017-03-16 18:29 by Daniela
AT&T Inc.'s proposed $85.4 billion merger with Time Warner Inc. was approved by the European Union competition commission on March 15.
The commission made a competition review of the deal and concluded that the merger poses no concerns in its jurisdiction because Time Warner and AT&T don't compete with each other at all in European markets. According to the EU, AT&T provides only business telecommunications services within the common market, while Time Warner operates in global media entertainment services markets like television and video distribution, home entertainment, feature film and video games.
"We appreciate the skilled work of the European Commission's team for their timely effort to analyze and clear the AT&T-Time Warner merger..The global clearance process is on track, and we look forward to creating a company that will lead the next wave of innovation in the media and telecommunications industries," said Bob Quinn, senior executive vice president, AT&T External and Legislative Affairs.
The European Commission's clearance is an important step for the pending deal. The merger still needs approval from U.S. regulators. The companies are expecting the deal to close by year-end.
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