The Justice Department laid out a stunning condition before it will grant approval for an $85 billion merger between AT&T and Time Warner – CNN must be sold.
According to a report in the Financial Times on Wednesday, three individuals who have “direct knowledge” of the stipulations have confirmed that the DOJ is requiring that AT&T must sell CNN or they will not approve the merger.
One of the sources who spoke with Financial Times reportedly stated, “It’s all about CNN.”
One source is blaming the news on President Trump. “The only reason you would divest CNN would be to kowtow to the president because he doesn’t like the coverage,” the unnamed source said. “It would send a chilling message to every news organization in the country.”
Politico reported: AT&T Chief Financial Officer John Stephens said at a conference Wednesday that the timing of the Time Warner merger is “now uncertain” as it continues making its case to the Justice Department. The companies agreed late last month to delay their self-imposed Oct. 22 deadline for closing the deal, which they announced more than a year ago.
Last week, it was reported that the Justice Department was considering a lawsuit to try to block the AT&T-Time Warner merger.
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