Why yesterday’s AT&T and Time Warner merger appeal matters — and why it’s a long shot

Yesterday, the Department of Justice appealed the recent merger of AT&T and Time Warner, a deal that seemed effectively settled and officially closed last month. The government is asking the DC Circuit Court of Appeals to overturn a ruling that was overwhelmingly in favor of the merger. It's also suggesting it could put the brakes on similar deals by other companies, which have been emboldened by the decision.

This appeal doesn't have any immediate effects on AT&T and Time Warner's plans since the Justice Department didn't ask for a legal stay while it filed its appeal. But it signals the department's plans to keep fighting consolidation, which could help shape the landscape for future mergers. Here's why the appeal is meaningful but...

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