Dallas’ AT&T Inc. (NYSE: T) is poised to add one of the largest media companies in the nation after a federal court ruled in favor of its long-sought acquisition of Time Warner Inc. (NYSE: TWX).
U.S. District Court Judge Richard Leon Tuesday rejected the federal government’s petition to block the merger, giving the green light to the $85 billion deal, according to CNBC. The judge also didn’t impose any conditions on the merger’s approval, CNBC said.
For AT&T, the deal is crucial, transforming the company still known for the humble telephone into a major media player, adding to its businesses that include broadband, wireless and DIRECTV. Now, Dallas is home to the parent company that oversees major properties such as HBO, Warner Bros. and Turner. Together, the companies can take on the rapidly changing industry with the new players such as Amazon.com and Netflix.
Shares of AT&T fell in after-market trading. As of 3:54 p.m. Dallas time, the stock was down about 1 percent.