The Justice Department has days to decide whether to continue its lengthy fight against AT&T's acquisition of Time Warner — but an appeal may not stop the deal from closing in the meantime.
The bigger picture: DOJ doesn't just have to worry about this deal, but about every future antitrust case where this ruling could constrain its ability to act.
What's next: DOJ is weighing two decisions as it enters the 6-day window before the deal can close:
This second question is more fraught. If a court stopped the deal from closing, the companies could find the clock has run past the deal's June 21 closing deadline. The deal has a $500 million breakup fee — but Time Warner could negotiate additional compensation if it had to extend the deadline for the deal, notes BTIG media analyst Rich Greenfield.
The other side: AT&T says it still expects the deal to close ahead of the deadline next week.
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