AT&T-Time Warner is a done deal

It's a done deal. AT&T completed its $85.4 billion takeover of Time Warner and renamed the unit WarnerMedia, following a statement by the Department of Justice that it wouldn't appeal a federal judge’s decision allowing the merger. The DOJ had sued to block the combination on antitrust grounds — though the companies are in different industries — because of the pricing power over entertainment consumption that the “vertical merger” of a telecoms and media company could confer. The ruling is expected to set in motion other mergers and acquisitions among studios, networks and cable companies, with Comcast already bidding $65 billion for 21st Century Fox.