Shares of Time Warner ($TWX) were hammered to the tune of nearly 7 percent today after AT&T’s CFO John Stephens said the timing of its anticipated merger is “now uncertain.”
Hours later, the Financial Times reported that the Justice Dept. salted up their deal, telling AT&T that CNN – owned by Time warner, would have to be sold in order for the acquisition to go through.
Stephens responded to the news, saying:
“We are in active discussions with the [Department of Justice]. Those are continuing on. I can’t comment on those discussions, but with those discussions, I can now say that the timing of the closing of the deal is now uncertain,” he said, according to a FactSet transcript. “With regards to the transaction, everything continues as we’ve expressed in the past.”
Stephens had previously said the deal was slated to close by the end of the years, noting that the acquisition was a “vertical integration” merger across industries – and that the government has not blocked a “vertical” deal in over 40 years.
Revenge is a dish best served well done and covered in catsup.
If you enjoy the content at iBankCoin, please follow us on TwitterI am extremely pleased to see that @CNN has finally been exposed as #FakeNews and garbage journalism. It's about time!
— Donald J. Trump (@realDonaldTrump) July 1, 2017
“I love the president, I luv the President, I looovveeee the president, I la la la la lub the president”
a. tucker ‘holding the not-so-powerful to account’ carlsen
b. rubert ‘bigly media not bigly enuf!!!!!’ murdoch
c. judge ‘holdin the out of power accountable’ jeanineee
d. anthony ‘i’m getting excited’ scaramucci
e. all ‘Dah’ above
Another election promise fulfilled. Trump did say on the campaign trail he will block this unholy alliance when CNN and other associated media wouldnt stop w/ the fake news. Now look who’s laughing.