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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 |
(about 4 hours later) | |
Democratic and Republican presidential contenders have expressed concerns about the US telecom giant AT&T planned takeover of Time Warner. | |
AT&T agreed to buy Time Warner, the owner of the Harry Potter and Batman film franchises as well as HBO and Cartoon Network, for $85.4bn (£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. | 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.” | |
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.” | |
“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 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 on Sunday. | |
"We will continue to carefully review and investigate any consolidation in this industry to makes sure that it does not harm consumers.” | "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 $85.4bn overall. | |
Randall Stephenson, AT&T’s chief executive, this weekend, said he believes regulators will approve the deal. | 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. | |
“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 $310bn. |