US Court of Appeals backs AT&T takeover of Time Warner
US telecoms giant AT&T’s takeover with Time Warner was given the green light today by a federal appeals judge that ruled in favour of the acquisition.
An appeals court rejected the Justice Department's bid to overturn a ruling that approved the $80bn (£60bn) merger, which has led to one of the largest US anti-trust lawsuits in history.
The decision by a three-judge panel from the US Court of Appeals is the latest twist in a years-long merger process that has led to legal tussles between AT&T and US regulators.
Read more: AT&T wins European approval for $85bn Time Warner deal
The news comes after AT&T, which has said that it needed to acquire Time Warner to compete with online streaming services such as Amazon and Netflix, completed the takeover last summer after winning a court battle in a US district court.
The Department of Justice, which argued the merger would reduce competition in the pay-TV industry, appealed the ruling in July. However, yesterday’s judgment brings the conclusion of the merger efforts one step closer.