Approval of the deal is expected to trigger more deals that could redraw the media and marketing landscape.
Halford, from OC&C added, "All I know is that this will be a blockbuster summer for media mergers!" "Together, AT&T and Time Warner concluded that both companies could stop "chasing taillights" and catch up with the competition".
Court approves AT&T-Time Warner merger.
"We are pleased that, after conducting a full and fair trial on the merits, the Court has categorically rejected the government's lawsuit to block our merger with Time Warner", David McAtee, AT&T General Counsel, said in a statement.
To AT&T, however, goes the grand prize: a premier piece of the entertainment world. But Leon rejected the government's challenge, allowing the combination of a content giant and the nation's second-largest wireless carrier that also operates DirecTV satellite services.
The judge's strong approval, and scathing opinion that urged the government not to seek a stay if they opposed the ruling, will give telecommunications providers the confidence that similar types of acquisitions will also have a shot at clearing regulatory hurdles, and could spur other copycat mergers this year, industry analysts and dealmakers said. Looming in the background of the deal has been Trump's long-running feud with Time Warner's CNN, which he has often derided as "failing" and a purveyor of "fake news". AT&T's stock was down about 2 per cent.
Comcast is aiming to gain control over Fox assets such as its Twentieth Century Fox Film and TV studios, which includes brands ranging from X-Men to The Simpsons, as well many of its cable networks.
Wayne Crews of the Competitive Enterprise Institute said the government's case ignores the technology which is rapidly changing the media sector.
"Everyone's looking at here what happens in entertainment", said Gene Kimmelman, the president of Public Knowledge. "You've got the courts flashing a green light".
Cornell law professor George Hay added that the ruling found the government's evidence lacking, rather than a broader determination of how vertical mergers affected competition.
"The consumer just doesn't benefit in any way shape or form".
As president, Trump has called the merger "not good for the country" and said he believed it would push pay-TV prices higher.
Makan Delrahim, the chief of the Antitrust Division, denied that the decision to file the lawsuit was influenced by the White House.
For months AT&T efforts to merge with Time Warner have been held up by the Department of Justice efforts to block the merger. For instance, it could compel a rival cable company like Comcast to pay sharply higher fees for the right to carry Time Warner shows like NBA basketball games or the hugely popular HBO drama "Game of Thrones". Delrahim maintained that he had not been instructed by the White House as to how to handle the transaction. AT&T did not immediately respond to a request for comment. Fox stock jumped more than 6% in after-hours trading following the ruling.
Late previous year, AT&T confirmed that the DOJ was seeking to block the merger and AT&T CEO Randall Stephenson signaled his company's intent to fight back against the challenge.
"The Court's resounding rejection of the government's arguments is confirmation that this was a case that was baseless, political in its motivation, and should never have been brought in the first place", he told reporters after the decision. "The government could present no credible proof in defense of its theories".
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