European Commission OKs AT&T's Time Warner Purchase15 Mar, 2017 By: Erik Gruenwedel
The European Commission — the executive arm of the European Union — March 15 formally approved AT&T’s $85 billion acquisition of Time Warner, which includes Warner Bros., HBO and Turner.
Although the approval has no legal bearing on the acquisition in the United States, Time Warner does significant business in Europe, including Warner Bros. Home Entertainment and HBO, among other businesses.
“We appreciate the skilled work of the European Commission’s team for their timely effort to analyze and clear the AT&T-Time Warner merger,” Bob Quinn, senior EVP of AT&T external and legislative affairs, said in a statement. “This is an important approval from a highly respected authority. The global clearance process is on track, and we look forward to creating a company that will lead the next wave of innovation in the media and telecommunications industries.”