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ATT-Time Warner;
Jump to: 2017; 2018; 2019;
2020;
-- 2016 --
October 25: It takes a particularly
complicated type of merger to unite Hillary Clinton, Donald Trump, and Wall
Street in their skepticism of it ... Donald Trump,
addressing a crowd in Gettysburg, said his administration would not approve
[the merger deal between AT&T and Time Warner] because “it’s too much
concentration of power in the hands of too few.”
[See more about AT&T deal at November 10, 2017]
https://www.theatlantic.com/business/archive/2016/10/att-time-warner-boo-hiss/505367/
-- 2017 --
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August 24: The Trump Administration Just Approved a Dangerous Merger
The Amazon–Whole Foods marriage endangers small businesses and consumers
nationwide.
https://www.thenation.com/article/the-trump-administration-just-approved-a-dangerous-merger/
November 10: The Trump administration's
showdown with AT&T [regarding it's proposed merger with Time Warner] could turn
into a legal fight unlike anything corporate America has seen in four decades.
[AT&T's] proposed deal with Time Warner is a so-called vertical acquisition,
because Time Warner would add a new line of business to AT&T: AT&T (T,
Tech30)
sells internet, phone and video services, and Time Warner (TWX)
makes content. The companies do not compete with one another. Because vertical
mergers typically don't reduce competition, U.S. regulators very rarely fight to
stop them.
Unlike in most other countries, the government does not have the power to block
a deal outright -- it has to sue to block it.
If the government does challenge a merger, it typically brings a lawsuit under
Section 7 of the century-old Clayton Act. To win its case, the government only
needs to prove that a merger "may" harm competition
http://money.cnn.com/2017/11/10/media/att-trump-antitrust-case/index.html
-- 2018 --
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March 13: Trump blocks Broadcom's $117
billion Qualcomm bid over national security
https://money.cnn.com/2018/03/12/news/companies/trump-qualcomm-broadcom-deal/index.html
March 29: “It’s So Transparently
Ridiculous”: Wall Street Groans as Its M&A Future Hangs on Trump’s Sham AT&T
Trial
At stake is not only AT&T’s
still-pending $85 billion acquisition of Time Warner but also, as many on Wall
Street see it, the future of the M&A business itself. This is serious, since
there is no higher margin business in finance. “The concept that AT&T is going
to use its distribution to, in any way, favor its own content, which itself
needs to be on every other distribution channel, is preposterous,” says one
veteran M&A banker.
https://www.vanityfair.com/news/2018/03/wall-street-trump-sham-atandt-trial
May 9: Net neutrality, mergers, AT&T, and
Michael Cohen: what we know so far
https://www.theverge.com/2018/5/9/17336614/net-neutrality-merger-att-time-warner-michael-cohen-trump
May 11: AT&T Gave Trump’s Lawyer $600,000 to
Help Get Its Merger Approved (and Its Taxes Cut)
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AT&T gave over half-a-million dollars to [Michael] Cohen’s company — which had,
on occasion, made payments to porn stars on the president’s behalf — because the
telecom company believed that doing so would increase the odds of the president
approving their $85 billion merger, and signing a corporate tax cut bill that
was maximally deferential to its interests.
http://nymag.com/intelligencer/2018/05/at-and-t-paid-trumps-lawyer-to-get-its-merger-approved.html
May 12: Giuliani says Trump did not
intervene to nix AT&T-Time Warner merger
Giuliani told NBC News that the president was out of the loop on Cohen’s
consulting deal with AT&T.
https://www.nbcnews.com/politics/donald-trump/giuliani-suggests-trump-intervened-nix-t-time-warner-merger-n873616
June 12:
Judge clears AT&T-Time Warner merger opposed by Trump
District Judge Richard Leon rejected the government’s position that allowing the
two companies to combine could lead to higher television bills.
https://www.politico.com/story/2018/06/12/att-time-warner-merger-approved-642333
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June 14:
The head of the Justice Department’s antitrust division is sticking to his
position about how to protect competition from mergers that may harm consumers
despite suffering a bruising defeat this week, according to a person familiar
with his thinking.
Makan Delrahim is maintaining his view that the Justice Department should
require companies to sell assets to fix anticompetitive harm from deals like
AT&T Inc.’s takeover of Time Warner Inc., said the person. In his view, that
approach ensures markets determine the prices that consumers pay, the person
said.
https://www.bloomberg.com/news/articles/2018-06-14/trump-antitrust-boss-said-committed-to-merger-stance-after-at-t
June 21: Trump seeks federal government
overhaul, merger of agencies
https://www.apnews.com/4358edae8bf843d8ba11075adeba92fc
July 10: Array of post-AT&T mega-mergers may
define Trump-era antitrust policy
https://www.washingtonexaminer.com/business/array-of-post-at-t-mega-mergers-may-define-trump-era-antitrust-policy
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July 24: Trump calls FCC decision on
Sinclair-Tribune merger 'unfair'
https://www.reuters.com/article/us-tribune-media-m-a-sinclair-ma-trump/trump-calls-fcc-decision-on-sinclair-tribune-merger-unfair-idUSKBN1KF02J
July 25: Trump tweets anger at FCC after Pai
blocks Sinclair/Tribune merger
Trump: FCC should help Sinclair because it's a "much needed Conservative voice."
https://arstechnica.com/tech-policy/2018/07/trump-tweets-anger-at-fcc-after-pai-blocks-sinclairtribune-merger/
September 13: The chairman of the Federal
Trade Commission, which stops mergers it believes will push up prices, signaled
on Thursday he was willing to consider tougher enforcement, a move that could
affect high profile big tech companies but also energy producers, drug makers
and a big swath of the U.S. economy.
https://www.cnbc.com/2018/09/13/reuters-america-trumps-antitrust-enforcer-considers-a-gear-shift.html
-- 2019 --
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January
16: A congressional antitrust panel plans to examine
whether the White House improperly influenced merger oversight, including the
Justice Department’s lawsuit to block
AT&T Inc.’s takeover of
Time Warner Inc., according to a person familiar with the matter.
Democrat David Cicilline of Rhode Island, who is taking over as chairman of the
House Judiciary Committee’s antitrust panel, wants to examine what role, if any,
President
Donald Trump has played in some of the biggest mergers during his
administration, said the person, who declined to identified.
His plans are part of a broader effort by Democrats, who took control of the
House this month, to increase congressional oversight of the Trump
administration. Cicilline is stepping into the leadership role as economists and
policy advocates are pushing for stepped-up antitrust enforcement to combat
rising corporate consolidation across the economy.
Cicilline’s other priorities for the panel include examining the cost of
prescription drugs, how mergers can reduce workers’ bargaining power and the
dominance of technology platforms like Google and Facebook
https://www.bloomberg.com/news/articles/2019-01-16/trump-role-in-merger-reviews-is-said-to-be-target-of-house-panel
May 1: McGraw-Hill
to Merge With Rival Textbook Publisher
Deal with Cengage would create second-largest U.S. provider of textbooks and
higher-education materials
https://www.wsj.com/articles/mcgraw-hill-cengage-plan-all-stock-merger-11556683590
-- 2020 --
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