UPDATE: Nov. 8,Gary Eberhart Archives 2017, 3:56 p.m. EST This piece has been thoroughly updated with the DOJ's claim that AT&T offered to sell CNN, and the AT&T CEO's denial of any offer to sell CNN.
When AT&T agreed to buy Time Warner for $85 billion, the deal immediately encountered skepticism.
These kinds of mega mergers tend to face a lot of government scrutiny. Even if they're approved, they usually come with strings attached.
On Wednesday, the Financial Timesreported that the U.S. government's regulators have a big demand: Sell CNN.
That kicked off a flurry of afternoon reports that might be described as a shitshow. Here's how it went down:
FT reports that the Department of Justice told AT&T that its Time Warner acquisition would be approved if it sold CNN.
The New York Timesand CNN report that the DOJ told AT&T it would need to either sell Turner (which includes CNN) or DirecTV to get its Time Warner merger approved.
CNN and Bloomberg report that AT&T offered to sell CNN, according to DOJ sources.
AT&T CEO Randall Stephenson goes on the record to deny it offered to sell CNN.
DOJ issues a statement that it's just doing its job.
This is a mess. All we know for sure right now is that AT&T and the DOJ were definitely in talks over the Time Warner deal. It would seem clear that there was discussion about what AT&T would sell off, which is a relatively common part of negotiations with government regulators for major acquisitions.
Looming over all of this is President Donald Trump. The discussion around CNN is jarring because Trump has so routinely and aggressively criticized CNN for its coverage and reporting, often calling the channel "fake news." Trump also publicly criticized the AT&T/Time Warner deal back in October 2016.
The notion that Trump had directed that pressure be brought to bear on AT&T over CNN and its Time Warner deal isn't new. The report on Wednesday was not the first time CNN has been discussed in relation to the AT&T/Time Warner deal. The New York Timesreported in July that Trump advisers had mentioned the acquisition as "a potential point of leverage" with CNN.
Selling off CNN is a big ask, but not entirely surprising. CNN is a major force in U.S. news, a very profitable company, and a favorite target of President Donald Trump. Forcing CNN to be sold would theoretically reduce the amount of power AT&T would accrue in acquiring Time Warner, which also owns HBO and Turner Broadcasting (which includes TNT, TBS, and CNN). Time Warner also owns Warner Bros. studio.
The FTreported that AT&T doesn't want to sell CNN and is willing to go to court over the matter. CNN and the New York Timeslater reported that the Department of Justice told Time Warner to either sell Turner (including CNN) or DirectTV.
AT&T declined to comment on the reports.
Speculation about the Trump administration having pushed the Department of Justice to require the sale of CNN began as soon as the FT's story was published.
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As Vox's Matthew Yglesias pointed out, Trump's anti-CNN rhetoric could end up having an impact on the deal if it does to to court. Trump's Twitter has already been used in a variety of court cases, many of which have not gone his way.
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This story is developing.
Topics AT&T
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