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Posted in: Movies | Tagged: AT&T, Department of Justice, HRL, Merger, time warner
Time Warner Stock Falls 6% As Department Of Justice Considers Suit Against AT&T Merger
Stock prices for Time Warner, the parent company of Warner Bros. and DC Entertainment, fell 6% today after Dow Jones reported that the U.S. Department of Justice is considering a lawsuit against the company's planned merger with AT&T.
A temporary freeze was placed on the stocks to prevent them from falling any lower, and stocks remained down by about 4% after the freeze was lifted. The dramatic plummet took place in the span of about 20 minutes, and was captured by these breaking news tweets from CNBC:
In the proposed deal, AT&T would purchase Time Warner for $85 billion, becoming the latest cable and internet service provider to also own its own content production studios. The deal was agreed to a year ago and was expected to close by the end of the year. According to CNBC, the companies are negotiating with the DOJ to find a compromise that will allow the deal to continue.
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