AT&T won approval Tuesday of its $85 billion bid for Time Warner, a decision that could pave the way for more mega-deals in the media industry.
A U.S. judge ruled the Justice Department did not sufficiently show that a tie-up would stifle competition or harm consumers. He also tried to dissuade the government from appealing his decision.
The merger of the two companies, announced in October 2016, was closely watched by other media and telecom companies with ambitions to cross over.
Internet providers and cable distributors are looking for new revenue sources to compete with streaming content companies such as Netflix and Amazon.
But the government has been skeptical of the consolidation of content and delivery. The Justice Department sued to block AT&T's deal last November, citing concerns over the telecom company owning both DirecTV and Time Warner.
Tuesday's ruling in favor of AT&T could preclude similar arguments to block mergers down the road.
The cable TV giant Comcast said earlier this week it would submit an all-cash bid as early as Wednesday to buy assets from 21st Century Fox if the AT&T acquisition was approved.
Comcast's bid for Fox could upend Disney's offer, and send that company looking for another target.
Shares of Comcast, Disney, and AT&T were all down after the judge's ruling. Fox and Time Warner stock were rising.
An AT&T spokesman said the company is "gratified" by the decision. The deal is expected to close by June 20.
Stocks closed lower on Wall Street Friday as worries about interest rates offset an encouraging start to earnings reporting season for big U.S. companies.
Cheddar News takes a look at The Day Ahead as a slate of earnings is due to be reported from some of the country's biggest banks, including JPMorgan, PNC, Wells Fargo and Citigroup. March retail sales are also on tap to be released.
Folks are starting to book summer travel despite inflation concerns. Hayley Berg, chief economist at online travel agency Hopper, joined Cheddar News to provide tips on how to save when planning your trip.
Cheddar News is highlighting companies with a focus on sustainability for Earth Month. Ashley Allen, chief sustainability officer with Oatly, joined Cheddar News to discuss her company's mission to deliver products that have a minimal environmental impact. "We want to make it easy for people to eat better and live healthier lives without recklessly taxing the planet's resources," she said.
Anthony Saccaro, founder and president of Providence Financial, joined Cheddar News to discuss Thursday's trading session as stocks and indexes showed positive gains following some economic data but fears of a recession continue to grow.
Some well-known iconic and historic cars are getting a modern twist this year. Cheddar News' Michelle Castillo checked in with some high-profile car executives to discuss the upgrades to some of the cars folks have loved for decades.
