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AT&T : CEO says open to litigation on Time Warner deal

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11/09/2017 | 08:51pm CEST

(Reuters) - AT&T Inc (>> AT&T) is ready to litigate if the U.S. Department of Justice blocks its $85.4 billion Time Warner Inc (>> Time Warner) deal, Chief Executive Randall Stephenson said on Thursday.

(Reuters) - AT&T Inc (>> AT&T) is ready to litigate if the U.S. Department of Justice blocks its $85.4 billion Time Warner Inc (>> Time Warner) deal, Chief Executive Randall Stephenson said on Thursday.

"If we are going to go for litigation our preference would be sooner is better. We are prepared to litigate now," Stephenson told CNBC on the sidelines of the New York Times Dealbook conference.

"We have been working very diligently on a litigation strategy and a litigation plan," he said, adding: "We would obviously ask for an expedited hearing. We feel that a transaction of this size you would likely get an expedited hearing."

The U.S. Department of Justice has demanded significant asset sales in order to approve the deal, sources told Reuters on Wednesday, and asked AT&T to sell CNN-parent Turner Broadcasting or its DirecTV satellite TV operation in discussions on Monday.

(Reporting by Arjun Panchadar and Aishwarya Venugopal in Bengaluru; editing by Patrick Graham)

Stocks treated in this article : Time Warner, AT&T
Stocks mentioned in the article
ChangeLast1st jan.
AT&T 1.02% 33.78 Delayed Quote.-13.99%
TIME WARNER 0.00%-End-of-day quote.7.98%
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Financials ($)
Sales 2018 173 B
EBIT 2018 32 531 M
Net income 2018 20 284 M
Debt 2018 170 B
Yield 2018 5,92%
P/E ratio 2018 11,67
P/E ratio 2019 11,64
EV / Sales 2018 2,40x
EV / Sales 2019 2,19x
Capitalization 245 B
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Mean consensus HOLD
Number of Analysts 29
Average target price 35,2 $
Spread / Average Target 4,3%
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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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