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Appeals court upholds AT&T's purchase of Time Warner
AT&T doesn't have to worry that its acquisition of Time Warner might be undone. A federal appeals court has upheld the merger in the face of a Justice Department challenge from July. The explanation behind the decision isn't available as of this writing, but the judge who approved the deal didn't apply conditions. The DOJ was concerned AT&T might raise prices and reduce competition in pay TV by charging providers more for Time Warner (now WarnerMedia) programming.
House Democrats to investigate Trump actions against Amazon, AT&T
Now that Democrats are poised to control of the House of Representatives, they're planning investigations into the Trump administration's actions against technology companies. Inbound House Intelligence Committee chairman Adam Schiff told Axios in an interview that Democrats would investigate whether President Trump misused his power in attempts to punish Amazon and block AT&T's merger with Time Warner.
Another tech billionaire turns media mogul
Where Jeff Bezos goes, other tech billionaires follow. The latest titan to invest in print media is Salesforce founder Marc Benioff who, along with wife Lynne, is buying Time magazine. The pair are using $190 million from their personal fortune to buy the esteemed title from current owners, Meredith.
New York kicks Spectrum out of the state for 'recurring failures'
Charter cable company acquired Time Warner Cable in a 2016 merger, becoming one of the largest TV providers in the country. Re-branded as Spectrum, the company introduced a streaming option last year. New York, however, hasn't been impressed with the company's performance, and has now kicked Spectrum out of the state and rescinded its approval for the merger.
DirecTV Now helped AT&T turn around its shrinking video business
It's been clear for a while that DirecTV Now is keeping AT&T's TV subscriber numbers in the black, but it's now apparent just how much it's turning around its once-ailing video services. The telecom has posted second quarter earnings revealing that DirecTV Now added 342,000 subscribers in the spring, turning last year's 199,000-subscriber loss for AT&T's Entertainment Group into an 80,000-user gain. The telecom isn't shy about what that means -- its video customer base was "stable" thanks to internet viewership.
Justice Department appeals approval of Time Warner-AT&T merger
Just when we thought the AT&T--Time Warner merger was finally a done deal after a district court judge ruled in its favor last month, it seems not everyone wants to accept its terms. The Justice Department has filed to appeal the approval, according to a court document spotted by CNBC, which could reverse the deal if the DOJ wins.
HBO's new owner needs to learn that 'more' doesn't mean 'better'
After AT&T bought Time Warner, the business was handed over to AT&T veteran John Stankey. Last month, the new boss told The New York Times that he would be hands-off, especially toward HBO, Warner's quirky, ultra-premium network. Stankey said AT&T lacked the ability to do a better job, and it would be business as usual at the home of blockbusters like Westworld. Sadly, it appears that Stankey has failed to heed his own advice.
HBO must 'change direction' to flourish, says its new boss
With 42 million US subscribers, almost six billion dollars in profit over the past three years, and 29 Primetime Emmy Awards in 2017 alone, it goes without saying HBO is doing something right. But according to AT&T executive and newly enthroned WarnerMedia CEO John Stankey, the network must broaden its focus if it wants to maintain proper competitive footing in the fluctuating media landscape.
AT&T quietly hikes customer fees to pay for Time Warner deal
After splashing out $85.4 billion on Time Warner, AT&T needed to find some extra cash from somewhere, so it's been quietly bumping up customer fees since April. The company has increased prices twice in the last three months, first by 50 cents, then by a further 73 cents in June. Customers are now paying an additional $1.23 in administrative fees, adding up to an estimated $800 million in extra revenue for the telecommunications carrier.
AT&T's latest unlimited plans include a new live TV service
AT&T isn't wasting any time milking its nearly completed acquisition of Time Warner for all it's worth. The carrier has unveiled two new wireless plans, Unlimited &More and Unlimited &More Premium, that both include its previously hinted-at WatchTV service (plus a $15 credit for DirecTV Now) at no extra charge. The offering gives you 30-plus live TV channels as well as on-demand shows, and it won't surprise you to hear that WarnerMedia channels play a large part: CNN, TBS and TCM are in the mix alongside third-party channels like A&E, BBC World News and, in the near future, Viacom channels like Comedy Central.
Expect AT&T's 'WarnerMedia' to expand HBO's budget
Now that Time Warner is officially a part of AT&T, it's getting a new game. Unveiled in an internal memo, brands like HBO, Turner and Warner Bros. will call WarnerMedia home. We're not in love with the name either, but as-is, you will probably interact with the various channels and studios under it in the same way as usual and it's easier to remember that Time Warner Cable hasn't been connected to the business in years. AT&T exec John Stankey is taking over WarnerMedia (with CNN's Jeff Zucker, HBO's Richard Plepler and Warner Bros.' Kevin Tsujihara reporting to him), and revealed a bit about his plans in a series of interviews. Bloomberg has the impression that Stankey plans for HBO to have a bigger library and more content ready for viewing on-demand. Going forward, it sounds like he's proposing a push that will enhance direct-to-customer options like HBO Now, but we'll have to see how it shakes out and if HBO's $2.5 billion budget expands to take on Netflix (which is spending $8 billion this year) Amazon and the rest. Talking to the New York Times he was less definitive, saying "at the end of the day, we want our technology and we want our content to drive more customer engagement. If we have the opportunity to do that by investing we are going to invest to make that happen." While we wait for that to develop, one thing that's first up is the "$15" TV streaming package that AT&T CEO Randall Stephenson mentioned in his testimony. According to Bloomberg, the low-cost service will launch "in a few days" with Turner programming anchoring it, and a distinct lack of sports. There's also going to be a Netflix-esque use of data to inform programming decisions, not to mention the advertising and analytics business AT&T is building up based on "customer insights" from TV, mobile and internet subscribers.
AT&T's $85 billion acquisition of Time Warner is complete
After a judge ruled in favor of the acquisition, AT&T has officially swallowed up Time Warner. Now Warner Bros., HBO and Turner are a part of the company's as-yet-unnamed media business, which is one of four segments: AT&T Communications provides mobile, broadband, video and other communications services to U.S.-based consumers and nearly 3.5 million companies – from the smallest business to nearly all the Fortune 1000 – with highly secure, smart solutions. Revenues from these services totaled more than $150 billion in 2017. AT&T's media business consists of HBO, Turner and Warner Bros. Together, these businesses had revenues of more than $31 billion in 2017. A new name for this business will be announced later. AT&T International provides mobile services in Mexico to consumers and businesses, plus pay-TV service across 11 countries in South America and the Caribbean. It had revenues of more than $8 billion in 2017. AT&T's advertising and analytics business provides marketers with advanced advertising solutions using valuable customer insights from AT&T's TV, mobile and broadband services, combined with extensive ad inventory from Turner and AT&T's pay-TV services. A name for this company will be announced in the future. Another part of the deal, as mentioned above, is the combination of ad inventory and analytics that will stretch across screens from TV to mobile. That business doesn't have a name yet either, but the ability to track and target audiences is a big part of recent media consolidation efforts. The Department of Justice said it hadn't yet decided whether or not to appeal the decision, but did not file to delay the deal's closing. The Wall Street Journal reports that in a letter to the DoJ, AT&T said it would create a "firewall" between Turner and AT&T to remove any competitive advantage.
Judge rules AT&T can purchase Time Warner
Last November, the Department of Justice slapped an antitrust lawsuit on AT&T's proposed acquisition of Time Warner and the trial resulting from that lawsuit wrapped up last month. The DOJ has maintained that merging the two companies as is would threaten competition, but AT&T has said the deal won't produce anticompetitive effects and moreover, that the DOJ hasn't effectively demonstrated that it would. Today, US District Judge Richard Leon has issued his ruling on the suit and has declared that AT&T can buy Time Warner.
DOJ wants Turner properties spun off if AT&T deal is approved
In 2016, AT&T announced plans to acquire Time Warner for $85.4 billion -- a deal that eventually led to a Department of Justice antitrust lawsuit filed in November of last year. The six-week trial resulting from that lawsuit wrapped up last week and now both sides have filed post-trial briefs as US District Judge Richard Leon prepares his decision. At the end of the trial, Leon suggested both parties work out remedies depending on which way he rules and in its post-trial brief that was unsealed today, the DOJ suggests AT&T be required to divest itself of major assets if the merger isn't blocked altogether.
AT&T CEO reveals a $15 streaming TV package is coming soon
On Thursday AT&T CEO Randall Stephenson took the stand to testify in defense of his company's proposed Time Warner acquisition against antitrust claims. The Justice Department's case is that the combined company could hurt consumers and drive up cable bills, a charge Stephenson called "absurd." However, while on the stand Stephenson Washington Post writer Brian Fung tweets that he did reveal a future product plan for AT&T, a so-called "skinny bundle" that could be the cheapest TV package we've seen at just $15 per month.
Judge rejects AT&T request for White House records on Time Warner merger
After the Department of Justice filed suit last November to block AT&T's intended $85 billion merger with Time Warner, the telecom giant wanted to find out how much the White House was involved. The company had good reason to wonder how much direction the DOJ may or may not have taken from the Trump Administration given how much the President had publicly opposed the merger during his 2016 campaign. But today, a federal judge denied AT&T's request for any communications records between the DOJ and the White House.
CBS and Viacom are reportedly exploring a massive media merger
The heads of Viacom and CBS have discussed the prospect of merger, according to Reuters sources. Earlier this month, Viacom CEO Bob Bakish and CBS CEO Leslie Moonves reportedly had an exploratory talk about a potential merger and both companies' boards have scheduled a number of meetings to continue that discussion over the next few weeks.
AT&T extends the deadline for its Time Warner merger to April
When AT&T announced that it was going to buy Time Warner for $85.4 billion back in 2016, the deal was expected to close by the end of 2017. Now, it's clear that won't happen, and as a result, AT&T has extended the deadline for the merger to April 22nd, according to a document filed with the Securities and Exchange Commission.
DOJ slaps AT&T with antitrust lawsuit over Time Warner purchase
The US Justice Department has filed an antitrust lawsuit against AT&T to block the massive communications company from purchasing Time Warner, one of the world's biggest entertainment conglomerates. AT&T released a statement calling the move "a radical and inexplicable departure from decades of antitrust precedent" and said it was "confident that the court would reject the government's claims and permit this merger under longstanding legal precedent."
AT&T CEO: DOJ never demanded CNN sale in Time Warner deal
Yesterday, reports surfaced that the Department of Justice (DOJ) had requested a sale of either Turner Broadcasting, which owns CNN, or DirecTV before it would approve AT&T's acquisition of Time Warner. However, the agency said that it didn't request those sales, but merely presented them as options that would quell its antitrust concerns over the $85.4 billion deal. Speaking at the Dealbook conference today, AT&T CEO randall Stephenson confirmed that, saying, "I have never been told that the price of getting the deal done was selling CNN. And likewise I have never offered to sell CNN. There is absolutely no intention that we would ever sell CNN." He added that AT&T was also not willing to sell HBO or Warner Bros., which would also come along with Time Warner if the deal goes through. "You shouldn't expect that we would sell something larger [than CNN] to get the deal done. It's illogical. It's why we did the deal," he said.
