Washington: US regulators approved Time Warner Inc.’s sale of its only TV station, clearing a transaction that helps ease scrutiny of the film and TV giant’s proposed $85.4 billion purchase by AT&T Inc.
The Federal Communications Commission granted Meredith Corp. permission to buy WPCH in Atlanta from Time Warner’s Turner Broadcasting System, according to an announcement posted on the agency’s website. The FCC, which oversees broadcast licences, could have grounds to scrutinise the AT&T-Time Warner deal if the station were part of the transaction.
“We’re pleased that the FCC approved the application,” Art Slusark, a spokesman for Des Moines, Iowa-based Meredith, said. “We look forward to moving forward expeditiously to close this deal.”
The price for the station is roughly $70 million, according to a regulatory filing. The Justice Department is conducting an antitrust review that examines the impact on competition of the Time Warner-AT&T deal.
The merger announced October 22 would create a telecommunications and media empire that will own much of the programming it provides to subscribers of its wireless, internet and pay-TV services.
President Donald Trump as a candidate called the deal “an example of the power structure I’m fighting,” and said he would block it. He privately reiterated his opposition to the merger after the election, and later said the government still had to review the details.
FCC Chairman Ajit Pai told lawmakers last month the agency doesn’t have authority over the transaction because of the way it’s structured.
