Billionaire businessman Mark Cuban on Monday said he thinks Facebook and Google will be "big losers" of the Justice Department's intention to sue to block the proposed merger between Time Warner and AT&T.
That sets the stage for an epic legal battle with AT&T.
AT&T and Time Warner announced their $85 billion merger past year but the closing has been dragged out by the government's anti-trust review. A person familiar with the matter, who could not go on record, had previously told the AP that DOJ wanted the company to sell either Turner, the parent of CNN, TBS and other networks, or DirecTV.
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For weeks, the Justice Department and AT&T have been trying to hammer out a deal that would allay government concerns and allow the purchase to move forward, but those efforts have apparently failed. Mergers between such companies have typically had an easier time winning government approval.
Bloomberg's source said that the announcement will be about the Justice Department working to block the AT&T/Time Warner deal.
"AT&T/DirecTV would hinder its rivals by forcing them to pay hundreds of millions of dollars more per year for Time Warner's networks, and it would use its increased power to slow the industry's transition to new and exciting video distribution models that provide greater choice for consumers".
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The company reiterated that vertical mergers of this type are routinely approved.
The lawsuit also said AT&T and Comcast, which control nearly half of the pay-TV market, "would have an increased incentive and ability to harm competition by impending online competitors they consider a threat".
"The relief we're seeking today would CNN exactly where it is right now", the official said.
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