AT&T can complete its massive merger with Time Warner, judge rules

In what could be one of the most consequential antitrust decisions in recent memory, a judge has ruled that AT&T and Time Warner can merge, despite a lawsuit from the Justice Department arguing that the deal would be anti-competitive.

Pending a possible appeal, the decision means the public will soon see a new telecom behemoth looming over the landscape, combining AT&T's paid-TV subscribers with Time Warner's content, which includes HBO, CNN, and Warner Bros.

But beyond its immediate consequences, the ruling may have been more closely watched for its effect on future deals. The battle has been seen a bellwether for other vertical mergers, where a distributor and content-producer are looking to combine forces. With the AT&T–Time Warner...

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