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AT&T wins approval to buy Time Warner

A big win for AT&T on Tuesday -- a U.S. court giving it a green light for its mammoth $85 billion purchase of Time Warner. The telecom giant's win is a big loss for the U.S.

Department of Justice which filed a lawsuit last year.

The government was against the deal claiming one company shouldn't control phone, broadband, DirecTV satellite programming, and Time Warner's TV, video and movie content.

President Donald Trump has been a strong opponent of the deal,first announced in October 2016.

Specifically, Trump has been intensely critical of news coverage by Time Warner's CNN. The merger is the fourth largest deal ever attempted in the global telelcom, media, and entertainment space.

For AT&T it's about growth. While the justice department can still appeal, the judge in a scathing opinion urged the U.S. government not to seek a stay of his ruling, saying it would be QUOTE "manifestly unjust" to do so and not likely to succeed. Time Warner shares rose more than 5 percent late Tuesday with the blockbuster deal moving one step closer to the finish line.




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