ATT WITHDRAW F.C.C. MERGER
November 25, 2011 by staff
The move, announced on Thanksgiving Day, signals that the companies are pessimistic about the deal’s chances. AT&T said in announcing the decision that it also would report a $4 billion write-off on its fourth-quarter earnings to reflect potential breakup fees in the event the merger does not pass antitrust review.
The U.S. Department of Justice has said it would review the $39 billion deal because of concerns that it would severely harm competition in the mobile-phone industry.
And last week, FCC Chairman Julius Genachowski said he had concerns about the deal and would schedule it for a hearing. The Thanksgiving Day decision by AT&T and Deutsche Telekom, parent of T-Mobile, to withdraw their request for FCC approval avoids that possibility.
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