The DOJ Files an Appeal to Reverse AT&T’s Acquisition of Time Warner; AT&T’s Shares Undervalued
In a surprise move, the Department of Justice has filed an appeal against Judge Leon’s ruling to allow AT&T to acquire Time Warner (now known as WarnerMedia). When the merger was approved, AT&T agreed to keep WarnerMedia separate while the DOJ decided to appeal in order to avoid the DOJ filing for a stay that would have prevented the merger. The DOJ had 60 days to appeal, but when it didn’t within the first week, we assumed it wouldn’t. Judge Leon’s ruling was very thorough, and we think...
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