The Justice Department will appeal the AT&T-Time Warner merger approval, according to a court document filed Thursday.
Shares of AT&T slipped 1 percent in after-hours trading Thursday.
In June, a federal judge ruled that the $85.4 billion deal was legal and imposed no conditions on the merger. At the time, the Justice Department expressed its disappointment with the ruling. The government argued that the deal would make the pay-TV market « less competitive and less innovative. »
But in his nearly 200-page opinion, U.S. District Court Judge Richard Leon determined that the government failed to meet its burden to establish that the deal would significantly decrease competition.
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