AT&T/Time Warner: Lessons Learned For Companies Considering A Merger

On February 26, 2019, the U.S. Court of Appeals for the District of Columbia (Court of Appeals) issued an important antitrust decision, which will influence how vertical mergers are reviewed in the U.S., and perhaps in other countries, including Canada. The Court of Appeals refused to overturn the U.S. District Court (District Court) ruling that allowed AT&T (one of the largest pay-TV providers in the U.S.) and Time Warner (one of the largest content producers in the U.S.) to complete their US$108-billion merger. The trial was one of the most followed competition law cases of all time.

The appellate decision brings finality to the case, as the U.S. Department of Justice (DoJ) indicated it will not be seeking leave of the Supreme Court to pursue a further appeal.