DOJ told AT&T it has to sell CNN for Time Warner merger: report

TheHill -

TheHill—The Justice Department has informed AT&T that it must sell CNN in order to gain approval for its merger with Time Warner, the Financial Times reported on Wednesday.

Time Warner is falling on reports that selling CNN would be a prerequisite to its merger with AT&T (TWX, T). Shares of Time Warner are falling after the US Department of Justice says selling CNN would be a prerequisite to an approval of an AT&T acquisition, according to the Financial Times. Time Warner is down 5.08% to $89.85 after the news, and AT&T is up 0.29% to $33.17. AT&T has planned to acquire Time Warner for $85.4 billion pending regulatory approval. The deal is now stalled, and AT&T says it plans to fight the ruling in court, according to unnamed sources cited by the Financial...