AT&T’s and Time Warner’s stocks rose about 1% on Monday amid a report from Globo that Brazilian antitrust officials will sign off on AT&T’s US$85 billion acquisition of Time Warner.
As Seeking Alpha points out, Globo says that Brazil officials plan to OK the deal during an October 18 meeting. However, the report does not cite any sources or provide more specific details.
When AT&T bought DirecTV for US$48.5 billion in 2015, it acquired a 93% stake in Sky Brasil. Brazilian antitrust agency CADE in August signaled concerns since Sky Brasil broadcasts Time Warner content. One recommendation was for AT&T to consider selling off assets.
AT&T and Time Warner are currently down to just the US and Brazil on the list of countries yet to have approved the deal. John Stankey, senior executive vice president of AT&T/Time Warner Merger Integration Planning, told investors earlier this month that AT&T didn’t see anything problematic with those two review processes and that the company still anticipates the merger will close by the end of the year.
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