AT&T Acquisition Of Time Warner Facing More Hurdles, Possible Delays
AT&T's deal to acquire Time Warner for $85.4 billion is facing more headwinds with reports this week that U.S. regulators are demanding that AT&T sell off Time Warner's cable channels – including CNN – or divest its DirecTV division in order to win government approval.
While AT&T had hoped to complete the acquisition by the end of this year, CFO John Stephens said the timing of the closing of the deal is now uncertain because of ongoing discussions with the U.S. Department of Justice, according to ABC News.
Reports published Wednesday by Reuters and The New York Times both said the DOJ is pushing AT&T to sell either Turner Broadcasting or AT&T's DirecTV satellite television unit to satisfy antitrust concerns about the proposed acquisition.
CNBC later Wednesday quoted AT&T CEO Randall Stephenson as saying he had no intention of selling CNN.