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AT&T CEO : 'I Have Never Been Told Price of Getting Deal Done Was Selling CNN'

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11/09/2017 | 08:17pm CEST
By Drew FitzGerald 

AT&T Inc.'s chief executive said Thursday he is prepared to go to court to defend the telecom giant's proposed takeover of Time Warner Inc. if settlement discussions with antitrust regulators fail.

"We are prepared to litigate now" if the companies can't reach a negotiated settlement with the Justice Department, AT&T CEO Randall Stephenson said at an industry conference Thursday.

Mr. Stephenson said the company would continue to pursue a settlement but was prepared to litigate if it determined that the conditions of such a deal were worse than the outcome of a courtroom fight.

If it did end up in court, he said he was confident in the company's legal position and that the litigation could be concluded by April 22, a deadline the merger partners put on the transaction.

Mr. Stephenson said he doesn't plan on selling CNN and that no one in the Justice Department had made that a condition of approving the deal.

"I have never been told that the price of getting deal done was selling CNN," Mr. Stephenson said. "I have never offered to sell and have no intentions to sell CNN."

Write to Drew FitzGerald at andrew.fitzgerald@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AT&T 0.56% 32.57 Delayed Quote.-16.77%
TIME WARNER 0.00%-End-of-day quote.7.98%
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Financials ($)
Sales 2018 173 B
EBIT 2018 32 494 M
Net income 2018 20 352 M
Debt 2018 170 B
Yield 2018 6,18%
P/E ratio 2018 11,22
P/E ratio 2019 11,24
EV / Sales 2018 2,34x
EV / Sales 2019 2,13x
Capitalization 234 B
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 29
Average target price 35,5 $
Spread / Average Target 9,5%
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Managers
NameTitle
Randall L. Stephenson Chairman, President & Chief Executive Officer
John J. Stephens CFO, Principal Accounting Officer & Senior EVP
Joyce M. Roché Independent Director
Laura D'Andrea Tyson Independent Director
Matthew K. Rose Lead Independent Director
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