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Telecoms Mixed as AT&T-Time Warner Deal Hits Snag - Telecoms Roundup

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11/09/2017 | 10:41pm CEST

Shares of telecommunications companies rose slightly after a major deal appeared to hit a snag. Time Warner shares dropped after the Justice Department told AT&T that it would have to agree to sell either the unit that produces CNN or its DirecTV business before the U.S. would approve a merger with Time Warner, according to media reports. But AT&T's chief executive said he is prepared to go to court to defend the telecom giant's proposed takeover and that he had no intention of selling the Time Warner unit that produces CNN. Dish Network shares rose after the satellite-television operator's earnings were not as pressured by competition from streaming services as some investors had feared. Magazine publisher Time said revenue slid 9% in the latest quarter as sales of print ads and magazine subscriptions continued to shrink and digital ad sales edged up only slightly.

-Rob Curran, rob.curran@dowjones.com

Corrections & Amplifications

This item was corrected at 6:37 p.m. ET to clarify that the Justice Department told AT&T that it would have to agree to sell either the unit that produces CNN or its DirecTV business before the U.S. would approve a merger with Time Warner. The original incorrectly stated the Justice Department blocked the deal.

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