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| AT&T-Time Warner merger: Donald Trump and Hillary Clinton question one of world's biggest media mergers | AT&T-Time Warner merger: Donald Trump and Hillary Clinton question one of world's biggest media mergers |
| (35 minutes later) | |
| Democratic and Republican presidential contenders have expressed concerns about the US telecom giant AT&T planned takeover of Times Warner. | Democratic and Republican presidential contenders have expressed concerns about the US telecom giant AT&T planned takeover of Times Warner. |
| AT&T has agreed to buy Time Warner, the owner of the Harry Potter and Batman film franchises as well as HBO and Cartoon Network, for $85.4 billion (£70bn) last weekend. The deal would create one of the world’s largest media, TV and telecoms firms. | AT&T has agreed to buy Time Warner, the owner of the Harry Potter and Batman film franchises as well as HBO and Cartoon Network, for $85.4 billion (£70bn) last weekend. The deal would create one of the world’s largest media, TV and telecoms firms. |
| However, politicians from both sides of the political spectrum are concerned about the implications of the takeover. | |
| A spokesman for the Democratic presidential candidate Hilary Clinton said there were “a number of questions and concerns” about the deal that regulators needed to scrutinise, but added “there's still a lot of information that needs to come out before any conclusions should be reached”. | A spokesman for the Democratic presidential candidate Hilary Clinton said there were “a number of questions and concerns” about the deal that regulators needed to scrutinise, but added “there's still a lot of information that needs to come out before any conclusions should be reached”. |
| Meanwhile, Donald Trump, the Republican presidential nominee, warned he will block the deal if he wins the election as it would “destroy democracy”. | Meanwhile, Donald Trump, the Republican presidential nominee, warned he will block the deal if he wins the election as it would “destroy democracy”. |
| In a speech in Pennsylvania, on Saturday, he said: “They’re [the media] trying desperately to suppress my vote and the voice of the American people.” | In a speech in Pennsylvania, on Saturday, he said: “They’re [the media] trying desperately to suppress my vote and the voice of the American people.” |
| “As an example of the power structure I’m fighting, AT&T is buying Time Warner and thus CNN, a deal we will not approve in my administration because it’s too much concentration of power in the hands of too few.” | “As an example of the power structure I’m fighting, AT&T is buying Time Warner and thus CNN, a deal we will not approve in my administration because it’s too much concentration of power in the hands of too few.” |
| US Senators Mike Lee and Amy Klobuchar, a Republican chairman and a ranking Democrat, respectively, of the Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights — said AT&T's acquisition of Time Warner “would potentially raise significant antitrust issues” that the panel would “carefully examine.” | |
| “We have carefully examined consolidation in these industries to ensure that existing market leaders do not block or co-opt new options for receiving video content or exercise disproportionate control over the video content market,” the senators said Sunday. | “We have carefully examined consolidation in these industries to ensure that existing market leaders do not block or co-opt new options for receiving video content or exercise disproportionate control over the video content market,” the senators said Sunday. |
| "We will continue to carefully review and investigate any consolidation in this industry to makes sure that it does not harm consumers.” | |
| The panel will hold a hearing on the merger in November. A date is yet to be determined. | The panel will hold a hearing on the merger in November. A date is yet to be determined. |
| The boards of the two firms unanimously approved the deal on Saturday. AT&T will pay $107.50 per Time Warner share, in a combination of cash and stock, worth $85.4 billion overall. | |
| Randall Stephenson, AT&T’s chief executive, this weekend, said he believes regulators will approve the deal. | |
| Regulators previously raised concerns about media mergers fearful such deals could lead to higher prices for consumers and could be a possible threat to media plurality | |
| “This is such a big deal in a set of markets that are already very concentrated in which there are already real concerns about consumer abuses,” Chris Sagers, a law professor and antitrust expert at Cleveland State University told Bloomberg. | “This is such a big deal in a set of markets that are already very concentrated in which there are already real concerns about consumer abuses,” Chris Sagers, a law professor and antitrust expert at Cleveland State University told Bloomberg. |
| “It’s definitely going to get a very careful look.” | “It’s definitely going to get a very careful look.” |
| If the deal goes through, AT&T and Time Warner would have combined market value of more than $310 billion. |