The US Department of Justice has informed AT&T that it must sell CNN if it wants approval for its $US84.5 billion acquisition of Time Warner, according to a Financial Times report citing people with direct knowledge of the negotiations.
The proposed divestiture of CNN is just one of multiple demands being made by regulators, which are assessing antitrust concerns surrounding the AT&T-Time Warner deal, the FT report said. It is, however, the condition viewed as the most likely sticking point, since AT&T has opposed it in the past and argued the deal isn’t anti-competitive.
This latest development throws into question the timetable laid out by both companies in late October, when they the deal would be completed by the end of 2017.
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