AT&T has pushed back the termination deadline for its planned $108.7 billion purchase of Time Warner. This deal will give AT&T ownership over many popular channels including HBO, CNN, and Cartoon Network. (Note: Time Warner and Time Warner Cable are two different companies. This deal is only for Time Warner the entertainment company.)
Currently, the deal has been gaining approvals around the world but in the United States, the deal has been held up in a lengthy federal approval process.
The deal was first announced on October 22, 2016, with a termination date of October 22, 2017, if the deal did not get approval. (Most major deals have an out if they do not get federal approval.) Now AT&T has pushed the deadline for approval out to April 22, 2018.
“We appreciate the hard work by CADE to review and evaluate the AT&T-Time Warner merger and approve it based on its benefits to Brazilian consumers,” said AT&T Senior Executive Vice President and General Counsel David McAtee in a statement to MultiChannel.com.
As cord cutting and other pressures continue to take a bite out of traditional pay-TV services, AT&T seems to see Time Warner and their catalog of shows, movies, and networks as a way to diversify its business. The question now is if and when they will get approval.
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