Trump Strikes Back: AT&T-Time Warner Deal “Uncertain” After DOJ Demands CNN Sale — News Giant Expresses Interest In Takeover
The AT&T-Time Warner deal is under immense scrutiny from U.S regulators as concerns grow over the potential implications the merger would have on the broader media landscape.
The Justice Department is demanding Time Warner sell CNN as a condition to approve the deal. According to Fox News, CBS has expressed interest in acquiring CNN.
The Financial Times later reported the Justice Department told AT&T and Time Warner would need to sell CNN, Time Warner’s cable news network, as a condition in order for the acquisition to go through, according to three people with knowledge of the negotiations.
CNBC has confirmed the Justice Department has asked AT&T to sell Turner Broadcasting, which includes CNN, for merger approval.
President Donald Trump has repeatedly criticized CNN as fake news on his social media Twitter account in the past year.
“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. With regards to the transaction, everything continues as we’ve expressed in the past,” said AT&T CFO John Stephens in a statement Wednesday.
According to Fox Business News reporter Charles Gasparino, CBS has expressed “some interest,” in purchasing CNN.
Tweet credit: Charles Gasparino
— Charles Gasparino (@CGasparino) November 8, 2017
In October 2016, AT&T announced an agreement to purchase Time Warner for more than $85 billion.