Feb 23, 2017

Time Warner sells TV station in shadow of AT&T deal

Time Warner is planning to sell broadcast station WPCH in Atlanta for $70 million to the Meredith Corporation — per an application at the FCC.

Why it matters: This relatively small deal is all about AT&T's proposed $85 billion purchase of Time Warner. By selling the station and its airwave licenses the two companies could avoid an FCC review of the deal, since the agency steps in when licenses change hands. AT&T had already indicated that it didn't expect licenses to transfer as part of the deal, but this is a key step towards potentially avoiding an FCC review.

Latest developments: FCC Chair Ajit Pai decided to comment Thursday on whether he would use the sale as a reason to look over the AT&T deal. "This is news to me, so it will not surprise you if I don't express an opinion about it on the fly," he said.

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Fear of coronavirus pandemic escalates

Photo: Abdulgani Basheer/AFP/Getty Images

In the blink of an eye, we've entered a new phase on the coronavirus.

The big picture: Italy, Iran and South Korea are at "decisive" points in their responses, the World Health Organization said on Thursday.

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Stocks fall 4% as sell-off worsens

A trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty Images

Stocks fell more than 4% on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world.

The big picture: All three indices are in correction, down over 10% from recent record-highs, amid a global market rout. It's the S&P 500's quickest decline into correction territory in the index's history, per Deutsche Bank.

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Coronavirus updates: California monitors 8,400 potential cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

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