Bloomberg News reported on Monday afternoon that the US Department of Justice was prepared to block the companies' proposed merger with an antitrust suit.
- Bloomberg News reported Monday afternoon that the US Department of Justice was prepared to sue to block AT&T's proposed buyout of Time Warner, citing "a person familiar with the matter."
- Time Warner stock fell about 1.4% after the news.
- Shares of AT&T fell from earlier highs but were stil up 0.52%.
The US Department of Justice is prepared to file an antitrust lawsuit, effectively blocking AT&T's proposed $84.5 billion takeover of Time Warner, Bloomberg News reported Monday, citing "a person familiar with the matter."
Following the reports, shares of Time Warner fell as much as 1.4%. AT&T shares took a slight hit, but were still in the green, up 0.54%.
The news of the antitrust lawsuit follows a contentious period that included reports that the DOJ demanded AT&T and Time Warner sell Turner Broadcasting, the group of channels that includes CNN, in order to receive approval for the deal.
AT&T Chief Executive Officer Randall Stephenson countered those reports by saying he'd never been under pressure from the DOJ to sell CNN.
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