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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Time Warner Inc. New | NYSE:TWX | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 98.91 | 0.00 | 01:00:00 |
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New and innovative content and packaging options
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o
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Together, AT&T and Time Warner will give consumers more and better options, including more choice in network packages and other services, at attractive prices delivered over pay-TV, broadband and mobile, with great consumer interfaces, on-demand content, and interactive features.
|
o
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AT&T's DIRECTV NOW product is a great start—100 channels starting at $35 streamed to any device with no contract, no credit check, and no set top box required.
|
o
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But this transaction will enable us to give consumers much more of what they want – and do it faster on a nationwide basis. With Time Warner's content and AT&T's distribution platforms we will deliver true innovation in both distribution and content. More customization, more programming options, more interactivity and integration with other content, and more customer control over how they watch their programming.
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Increasing competition against cable companies
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o
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The cable companies that continue to dominate both pay-TV and broadband internet services will have no choice but to respond with their own improved offerings.
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o
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Consumers will benefit from new options, better value and more power to choose.
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More incentive for accelerated build out of AT&T's next-generation "5G" network
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o
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AT&T is committed to being at the forefront of 5G, and the mobile-focused video services that we'll feature will change the trajectory 5G.
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o
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Premium content for mobile video improves AT&T's business case for 5G everywhere and should lead others to accelerate their own plans, spurring even more competition.
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We will continue to distribute Time Warner's content broadly across platforms and to purchase high-quality content from every corner of the ecosystem.
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AT&T will continue to be a leading investor in America. We've invested more in the United States than any other public company each of the past 5 years—that commitment won't change.
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This merger is
not
about consolidation—either in media or in telecom. Most mergers that raise antitrust concerns are "horizontal" mergers of competitors in the same line of business. AT&T and Time Warner are not competitors in any line of business to any meaningful degree.
|
o
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Time Warner
creates
content. It produces television shows and movies, and owns non-broadcast cable networks, such as TNT, TBS, CNN, and HBO. Since 2009, Time Warner has NOT owned any cable or internet distribution network.
|
o
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AT&T
distributes
content. It provides landline telephone service, wireless phone and data service, broadband internet access, and multi-channel video distribution
(e.g.,
DirectTV).
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AT&T/Time Warner is a classic "vertical" merger that does not reduce competition, increase concentration or create market power. Here, AT&T is buying one of its many suppliers of TV programming.
|
o
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Vertical mergers are widely viewed as being
pro-competitive
because they typically produce efficiencies and other consumer benefits. That is certainly true here.
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Vertical mergers only rarely raise antitrust concerns—where the combined company would have a dominant market share position at some level of the supply chain that allows it to harm rival companies' ability to compete.
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o
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Neither AT&T, nor Time Warner, has a dominant market share position in any of their separate and non-overlapping lines of business:
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§
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Time Warner: while Time Warner produces great TV shows and movies, and has some popular networks, our studio produces only a small fraction of TV shows and movies, and our networks represent an even smaller fraction of video watched by consumers.
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AT&T: the wireless business is intensely competitive, and AT&T is an insurgent in both broadband and multi-channel video distribution, where incumbent cable companies hold traditionally stronger market position.
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The combined company will have no ability or incentive to harm competition in any market or at any level or area of distribution. The value of Time Warner's business
depends
on distributing that content broadly, through a wide range of traditional and online distributors, platforms and devices.
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