Time Warner Drops as AT&T CFO Says Deal Timing Is Uncertain

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Time Warner Inc. fell after an AT&T Inc. government hinted that their $85.four billion merger might not shut earlier than yearend as talks with U.S. regulators proceed.

The evaluate of the deal, which is poised to make AT&T certainly one of largest media giants on the planet, is in late-stage talks. But the method has slowed because the Department of Justice’s new antitrust chief takes a hands-on function within the evaluate, folks accustomed to the matter stated final week.

“We are in active discussions with the DOJ,” AT&T Chief Financial Officer John Stephens at a Wells Fargo convention Wednesday. “I can’t comment on those discussions but with those discussions I can now say the timing of the closing of the deal is now uncertain.”

Shares of Time Warner fell as a lot as three p.c to $91.80, and AT&T’s slipped zero.2 p.c.

While the acquisition had been anticipated to win approval as quickly as final month, AT&T prolonged the termination date of the merger settlement for a brief time frame whereas the evaluate continues. The two corporations had initially scheduled the settlement to final till Oct. 22, 2017, in keeping with a submitting final month.

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