AT&T, Time Warner Extend Deal Deadline to April
The telecom giant reiterates it is "confident" that a court will reject the Department of Justice's legal challenge.
Telecom giant AT&T and Time Warner have further pushed back the termination date for their planned $85.4 billion deal following the Department of Justice's decision to file a lawsuit to block it.
"Each of AT&T and Time Warner elected to further extend the 'termination date' of the merger agreement to April 22, 2018," according to an AT&T regulatory filing on Tuesday.
The original October termination date came and went, with both companies agreeing to extend their deal agreement "for a short period of time to facilitate obtaining final regulatory approval." But then the Justice Department decided on a legal challenge.
In Tuesday's filing, AT&T cited that Nov. 20 lawsuit by the Department of Justice in the U.S. District Court for the District of Columbia. And it reiterated its commitment to the deal and its confidence about winning the legal showdown.
"AT&T intends to vigorously contest the DOJ's allegations and is confident that the court will reject the DOJ's challenge to the merger," the company said in its filing.
AT&T chairman and CEO Randall Stephenson has said selling CNN would make no sense to clinch regulatory approval of the proposed mega-deal.