AT&I said Wednesday that it has agreed to an agreement with the Federal Communications Commission that would remove the agency from the process, in a sign that the Federal Trade Commission will be less of an obstacle to consolidation.
“Today we have a final agreement that resolves the Commission’s jurisdictional concerns about the AT&O/Time Warner merger,” AT&L’s president and CEO Michael Powell said in a statement.
“The merger will not be subject to the Commission in any way, shape or form.
It will be conducted under a separate process.
We are pleased that the Commission is willing to resolve these concerns.”
In its initial complaint to the FTC, AT&A and Comcast had argued that the FTC should not have jurisdiction over the merger, arguing that the agency should only apply to mergers where there is substantial harm to competition and consumer interests.
“The merger agreement we reached today reflects our belief that the merger does not create any new anticompetitive harms, but merely improves the AT &T/Comcast merger’s regulatory outlook,” ATO and Comcast said in their complaint.
“AT&T and Comcast agree that the transaction will be subject only to the Federal Fair Competition and Consumer Protection Act (FCPA), the Federal Antitrust Laws, and applicable state antitrust laws.
The FTC will be satisfied that this transaction complies with all applicable federal, state, and local laws, and that the terms of the agreement provide fair and reasonable conditions to all parties in the transaction.”AT&A said that it expects to conclude a deal with Comcast by the end of the month, but that it will seek a court order to prevent the FCC from imposing the deal on AT&G and T-Mobile.”
Our goal is to complete the transaction by the fall,” AT <br&a& ;T& the merger.
“We hope that the FCC will recognize the enormous potential and the need to ensure that AT&&T is treated fairly in the merger process.”