AT&T CEO Randall Stephenson said the chances of a successful DOJ appeal of the company’s merger with Time Warner are « remote » and that the appeal « changes nothing. »
The Justice Department plans to appeal AT&T’s $85.4 billion merger with Time Warner, according to documents released Thursday. The agency had previously declined to seek a stay, allowing the merger to close in mid-June.
« The transaction is closed, and we’re executing on the deal, » Stephenson told CNBC’s « Squawk Box » Friday.
A federal judge ruled in June the merger was legal, without conditions. The DOJ sued last year to block the merger, citing antitrust concerns that AT&T, owner of satellite television provider DirecTV, could charge rival distributors more for Time Warner content, resulting in higher prices for consumers.
AT&T has raised fees for its wireless and DirecTV Now customers since closing the merger.