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AT&T and Time Warner push merger deadline

The CEOs of AT&T and Time Warner testify before Congress about their deal. Photo: Mark Wilson / Getty Images

AT&T and Time Warner have extended the deadline to close their proposed $85 billion merger until June 21, 2018, per a filing with the SEC. The previous deadline was April 22, 2018.

Decoded: The companies were told by the judge hearing the Justice Department's lawsuit to block the deal that they wouldn't get a decision by the April deadline.

Why it matters: AT&T has to pay Time Warner $500 million if the deal falls through.