head i never thought there was any basis. >> what do you mean the next one will be hit over the head? >> it will be pushed around a lot. >> andrew was suggesting that they may back off if they think they can't lose two. >> i don't think they look on a score board basis. people people down the line don't make that call but it is exciting i think it will make sure that content will have a lot of suitors, and that is a good thing, and you just can't stlit and let them do whatever they want facebook and googl and some of them have been in this and some have not >> if you're just joining us expecting to see fast money right now, we're still digesting huge news that just broke, the

judge ruling in the case of the department of justice going to politic at&t, no go now it will reshape the media halandscape and s the table. people are still going through the implications for markets but also for the president who came out against this deal, and the department of justice as well. >> that's right, it became public about 4:00 p.m. eastern no conditions will be placed on thiserger. so these two corporate tie ttans are free to do what they want. we we expect to see a wave of

mergers and akquisitions the president campaigned against this saying it was too much power to have them america up, so massive news here at the federal courthouse >> on behalf of everyone at at&t and time warner we are gratified with the courses decision to categorically reject the government's bid to block this e case stands as a testament to the wisdom of this combination of these two great companies and how it will benefit consumers for generations to come. we're disappointed it took 18

months to get here, but we are relieved it is finally behind us and we look forward to closing this action in the upcoming daysn askeby many people what ie significance of this transax on many other deals pending in the marketplace my answer to that is that each and every transaction stands on it's own like this one did the court's summary made clear that the decisios grounded firmly in the facts and evidence that were presented at trial the government asserted various theories, we heard the government summarize those theories after a massive investigation that spanned over a year after an intensive pretrial discovery process, and after a

ruling six week trial, they could prevent no credible proof in support of any of it's theories, this was a sound and proper rejection of all of governts this >> what did you think of the decision not to seek a stay? >> i think the court recognized that the defwere subjected to this delay, i think we're up to 600 days since the merger was announced in october of 2016. and that it is unfair to the defendants, to the hundreds thousands of employees and companies whose live vs. been hanging in the balance and of the shareholders and the others >> excuse me, one at a time

please he negative evaluation on time warner after 18 months is a dic different animal will there be a die vestment of cnn? >> there will be no divest >> weru d at entirety of, it came down on everyone -- >> for all of the lawyers and the people that worked on this trial team, and i'm up here talking to you, but i'm one of many people that contributed to this effort, it was clear to all of us what the evidence was each and every day of thereel -trial. support.government had no and from the beginning to the end of this process as we indicated in our closing

arguments, the case shrunk and shrunk and shrunk until there was nothing there. so the sweeping rejection it -- >> because it was such a decisive decision, and so sweeping, what was behind the government's case, why did they bring it the motivation was it political >> we attempted to investigate that issue as you know, the court decided it would not go in that direction they wanted to try the case on the merits so we had to try the case on the merits we were not able to ass ecertai what the decision making process was. as i said in closing arguments, it was a case that should never have been taken. >> do you think a political

effort >> i think the judge was just commenting on how long we have been rejected by this process. >> we have no t into that. >> well, as the evidence of the trial showed, this will only serve to benefit consumers, just as we have seen from all of the other vertically sintegrated options. this is just an iteration of this process >> when do your this transaction closing. >> it will close no later than june 2under the court's order and team line thime lines that s

agreed to. >> the at&t lead lawyer expressing his satisfaction. they say the deal could go through with no qualificatio aes and urging the government not to go through the stay. what is the significance >> i don't think there is enough evidence to get a stay, that is very hard and they didn't have enough >> all right, let's bring in blair now, a former fcc official now working with newsstre strean watching this closely. >> first, i think the government is going to ask for a stay, but i don't think they will get it they don't meet the threshold needed to succeed, and there is

no harm. when you have a deal, it is easier to break up i just think it will be really hard for the government to win what will happen tomorrow with comecast a comcast, i would know thnote th d.o.j. said this is about the national footprint on tv i think comcast would have bid, but there is not a lot of big openings for comcast to do it, there is a question about presidential, i'm not going to say interference, but interest in antitrust and driving certain deals. this is the only president of the united states that commented on deals before the investigation. he commented on this one, on sin

cla sinclare, and on disney. it is not clear to me that the tweeting will be less influential. it sounds to me ually based, you'll look at another case that differently. a final point, there will be a lot of monday morning quarterbacking about the way the government did this case they did not bring up the case of net neutrality. there was zero reference about the ownership. it was almost as if it was simply directv gbuying content i that sense, from a political perspective, they had a less compelling case than they might have part of the reason they could not do that is the administration's position on net neutrality i think what you will see is a

lot of different interpretations. the t mobile and sprint deal is more horizontal, if i was working in thei mic be psychologically mote va loologii a case 20th century fox is now up 6%. >> we're talking about the comments that president trump has made and actually that the doj commented on as it relaced to this disney and fox transition they said this one looks okay. trump technically blessed that deal already if it gets done with disney and fox, so that is

an interesting piece, and i think the t mobile and sprint -- they are so much smaller than verizon and a trkat&t sprint can make the case that we need to be bigger to compete >> and it makes we mondayer about antitrust law. if you can take a formula and prove that will have a threshold of control over the market, when netflix is what it is, is that really, i mean, do we need to update the way we're looking at these things >> there is a way to say you're going from four competitors to three. so also, this is a combination that has been contested and is l

about pecki about picking the next battle. they may not be that ambitious about fighting the next deal they say you can't generalize from this because it was our brilliance in the courtroom, the power of our case. >> he is vying for the next case >> just to be clear we did a great job. >> what are you talking about, melissa the "fast moneydesk." there are other media stocks moving sharply higher on the deals of this deal, lions gate up 9%, cbs up, discovery up 5%, pick your adventure, choose your own adventure. >> i think two names stick out to me, viacomm to me, that opens the flood gates, i think they

trade north of 29 now, and cbs is dirt cheap. i think they work, so names that have been sort of under the thumb prudent print of this deal happening. >> wh >> viacomm doesn't have thely way. this is the largest media business to make a difference. it will not be great for the shareholders >>. >> do or die this is almost existential for them the stocks are down a little bit. >> fox is a big market for two

bidders that want it >> starting now, it is personal. with these potential targeting, opening up the flood gates for nonmedia companiesngor these assets we can do this vertical deal, competitor that's are bidding for fox, that is the easy play there. we talk about t mobile and sprint every deal seems like it has a tail wind right now. i would stay in the media section. cbs, viacomm i think come kags will continue. i'm not sure they want to. >> interesting takes, guys, well have more on that when we come back

- yeah, and a lot of atta technique, right david faber with his his take. >> yeah, not affected in a lot of ways. we're both quite nervous as we are got close and certainly relieved there talking about it, what is next and the main thing is going to be of course a fight for fox, that is clearly clearing the way has have said for weeks now to make that bid, and as i reported next week, i'm not sure what time they will do it, but tomorrow what will be a higher cash offer the key there will be what any trust protection they are willing to offer they are willing to offer the same as disney but that sort of is where this

story goes from here if is good news for time warner shareholders i would assume cbs they would potentially, and this would go the other way >> david, what about lions kbaet, -- gate or charter, they are in the smaller capital channels, there is a lot of interesting angles here. >> the belief that when fox, new fox is split offrom the fox assets being sold, perhaps there

is an option there kelly we will have to see in the media sector as it deals with the influences that we talk about so often, and the pressures from the likes of netflix and amazon, and it will continue to be no doubt that there will be a great deal of focus on the fox floor on the anti-trust concerns, and they willave more content with distribution and they would say hey, we're in the clear to do this, no judge will be able to strike it down at the doj level >> what do you think that netflix is down 1% >> it's the markets way of saying do they even potentially become a buyer in this

environment. if you try to put all of the pieces together, how does it net out for net flix stronger competitors, the ability to have greater scale. they already had it pretty good. >> i thought if the government had highlighted the net neutrality piece of it it would have been more effective was it on monday that it was officially unwound now is it okay that we don't have that regulation, and we have companies with distribution and content? >> i don't think so, they have the ability to always come down on a company on a violation as far as net neutrality goes it is a trust and verify things you will see a lot of activity that is really driven by the

content and the technology together everybody will want to sell on demand on an on demand basis everything will be on sale for the smallest to the largest piece. it is do you want to shop for a ton of stu or for three or four things. people will be breaking up what they have and selling, i don't mean the company, i mean the product. >> if they don't get the fox assets, then what? >> they will need to make some calls on that. they're aggressive in a positive manner they have done a lot of great things there is a whole choice, a whole bunch of things they could do. their technology is the internet that is the technology they bring to the table they already have that >> who knows, they may try to

buy sky, right in they may try to do a tuck iacquisition. >> yes, it is kind of yesterday's business a little bit. >> and in europe to get -- >> it's like buying distrirectv. they already know how to do that that would be a very useful thing for comcast in the u.k. and other places, but there is more there than that >> we want to bring you back in for your final take on this, having been the head of at&t in the past >> yeah, the judge found there is no conditions says he took

the competitors into consideration. i ultimate get a little cynical when they say watch the consumer carefully. that's code for saying we love the market we have today this is disruption and change and aat&t is saying they're goig to be an interrupter >> david, thank you for joins us we are looking at movers and the speak? >> yes, who will be the next buyer and seller after this move goes thrgh at&t issued a statement applauding the decision and they

want to close the deal by the 20th so they can give consumers better consent that is mobile and affordable it is a direct rebuke to the concerns raised by the department of justice. looking at the stocks on the move now, we see the mobile carriers are moving higher cbs was higher and you have media stocks moving about whether or not cbs could be acquired as could viacomm separate from the idea of recombining these companies. now there is a possibility for more m and a activity in this space, could we see a company like verizon or a tech company chase these companies and potentially lesson the necessity of them combines charter shares moving higher, cbs shares up nearly 5%.

viacomm up nearly 3.5% raising questions about the potential activity for those media companies. i thine food gates have opened and it is interesting to seize these stocks move. >> yeah, maybe we should show the investment banks with all of e deals talking. >> yeah, it could not hurt boutiques and -- because that is what we're talking about, right? >> a home run for bankers. >> when the time warner deal was terribly struck, the rest of the big media stocks trading in line, their valuations have come down, now you have them locking in this time warner valuation. it gives a lift ineral >> yeah, there is smaller

distribute distributers -- distribuutors that we have not spoken about as well >> let's get back to melissa lee. of course it is the big story, a at&t winning court approval. at&t is soaring. it was initially announced back in october of 2016 where would you look to invest or sell, time? >> i think the pure content continues to be we bid i think it will be a feeding frenzy we have been seeing this and for awhile, media companies had a lot based on their media and -- >> the media talks across the board, discovery, lions gate,

viacomm, what do you make of the action in. >> yeah, it is good for the market, no q >> let in with ama aman javers who is outside of the courthouse >> yes, getting a green light here after months of court wrangling. not putting any conditions on this merger. we saw the lead lawyer coming out very careful here not to goat he said they're relieves that they got the ruling they did now comes the after shocks and the implications for the

telecommunications, the department of justice, the white house, the president himself, he campaigned against this merger poke against it. will he weigh in what does it mean for the department of justices ae proecproec -- approach this could be the start up for something that could be a big industry trend, thank you if. >> outside of that courthouse in dc, where do you go in this space? >> we discussed tim mentioned fox. when you look at disney, it makes me also think they have competition for the bidding process, but are they the kind of content, and dohey push this more than range >> like cbs, i saw people on twitter mentioning that the

stock is higher. it opens up this vertical and other industries as well if you want to broaden it out, it is not market bearish, it's bullish. >> yes, express scripts is also tightening for cvs where was the opportunity? >> i think the risk reward was better there, you say what about these, and i said the spreads were pretty big. two years ago they were all merging with different companies, right there was humana and etna, signa, and them, i thought humana was in talks with walmart at one point, rumored, i done know if that was true or not, now these mergers seem to have a higher chance of going through those spreads. >> if you're in the camp that

you believe the justice department takes another case on, an antitrust case, it's one they want to win, it could make em more unlikely to enter a case that's not a slam dunk. >> horizontal could be go iing n in. >> let's bring irich greenfield, rich, what is next >> next is comcast i think there is no doubt that there is a party going on, or excitement building in philadelphia tonight it wasn't a vertical merger, we were looking at them as a

factor, but it wasn't. the assets in fox, the studio, international star tv, sky, and the regionalports networks, they talk about them as vertical integration, two thirds of them are not there. now that they have this, the run way is clear no doubt that wi that kind of clearing you see a very aggressive bid from cost camcas. they lost in 2004. they are not losing this time around they are winning how far to your question on disney, how far is igor willing to go. >> and how far is roberts

willing to go brine bri brian is thinking about how to position them for the next 30 years. nothing looks like fox, they don't have a plan b. >> why was plan a, why did we wait for disney to make their bid. why was comcast more aggressive? >> why did disney allow time warner to be bought -- >> i think they're getting over the top, and it was unveiled, and it makes sense they amped up their content. >> the biggest reason why this is all happening is look at what is happening with netflix,

facebook and google. they are now a bigger market cap, they didn't see this type of secular behavior. c 3 ratings were down 12% for the last season. full season. these numbers are just -- things are changing very fast i think the honest answer is they didn't think about it back then i think they should have, but that is not where their head was at serch everyone is reacting in realtime they saw that jeff was selling. >> so if vertical mergers are on the table now, what deal do you think could happen tt no one is talking about and could it involve a big tech company >> i think that the crazy part about this when people say disney is trying to buy fox because they want to replicate

netflix, they did not buy a studio they didn't buy a satellite distribution firm, i think they are looking at the success of netflix saying we don't need to do this. we can just hire great content and just build this from catch i think we have 3 going on in la right now you have talked about the explosion of video how have they not bought video gaming consumers are moving toward gaming >> so the next vertical could be media and gaming >> i think that makes is a lot of sense you have wild cards, where are mobile platforms, who could you

buy? no control shareholder of twitter, spotify is now a company. if you loo which platforms have no control shareholder, the only one is twitter. >> approval of the at&t purchase of time warner, david, what are your thoughts on the deal and you have been reporting about the comcast bid that could happen tomorrow. >> as rich outlined here, they have gotten the green light to feel free to make that bid, and i would expect that our parent company will unveil that bid they went public with the fact that they were going to make an all cash offer and a willingness on their part.

despite today's ruling, willi willingness to meet or exceed what disney would offer. disney was willing to divest all of the rsns and businesses that contributed up to $250 million to get regulatory approval comcast said if you have an all-cash offer, we think that will be in excess of what they are offering, and they say they will meet if not exceed those provisions that disney already made so we'll see, regulatory will still be important it will still be a key consideration. when the comes to approval time, it will be a few months and time

is money they have to add a cash component to their bid and as we have been reporting for quite some time, i think diz fli join this bidding war. if it is ski and or all of the fox assets in question it sets up what will be an interesting battle that will take place in a fairly short amount of time with fox's shareholder vote scheduled for the 10th of july, but that can be delayed >> i know you talked to the management team over at verizon, they're having a kwhachange of guard so to speak. what is your sense as to their willingness to do a deal themselves their appetite >> that is a great question.i s, the chairman and ceo of the company, they're more focused on

digital assets than anything linear we know they were company a when it came to potentially buying fox assets they did not hang around very longnd they offered an at market potential deal of some kind we know as well they thought about doing something for cbs, but that was going to go nowhere. cbs was not interested in selling the company to verizon i don't know what focus is it is a very different direction than the one that at&t has done in -- gone in, but it could be a strategy by at&t that some would say is moving quickly away from what was their core business not many years ago >> so the murdochs, business any

is their preferred bidder, how much will that matter if it is just an all-out war between comcast and disney >> you know how these work it will go back and forth, they will have a five day probation and the board will have to decide if it could lead to a superior representation. it will not just be the dollar amount, and you're right murdoch thought it was a better fit in some ways overall, it is still tax free. it is older himself, and it would not be with cash or if they were to add cash. that may figure into it. i don't know what the number is, but i think the fox board will

be obligated to communicate very fully, not just on the price, bru the -- but in the regulatory timing >> thank you for phoning in, i want to go to kreg craig moffit has been about an hour or so since a decision was unveiled and released with all of the stock movements happening alf hour session. >> let's think of it as a stone thrown in the bond and the ripples expanding beyond it, the first ripple is comcast, fox, and disney the only question now is does the bid come or does it wait until thursday that bidding war is a virtual certainty. beyond that though, if you take a step back and you think about

what is happening in the media eco system more broadly, no withstanding the promises, ewe seeing the whole content world around a closed vertical system. where disney is talking about going direct to consumer, it's on content for it's own customers. comcast is working for the bidding of it's own. all of those systems have to be very, very large the bigger question here to me is not just the short term dominoes, but it is stepping back saying you're seeing the entire concept of the media ecosystem being rewritten. and in those systems, almost by definition, they carry huge amounts of r

it used to be a studio would have a bad year, and they are selling their content to distribuutor distributors you had them taking their content from every studio. all of that collapses down to these one to one and suddenly the risk in these individual systems gets to be very high. >> does that mean historical valuations are out the window. that we should value the companies because there is em d embedembe embedded risk in a different way? burden of proof i think that is inevitable let's take and go off and buy sky. get the distribution scale that we want.

so we will pivot just like netflix pivoted. and hopefully we will help that fox studio production machine. say that model starts to work just like netflix. saying it creating a very large would comcast get evaluation like netflix for a large pool of customers that loses money i'm not sure so even what winning looks like is not entirely clear. >> let's talk about winning real quick. the market, thparticipants of the market, these two markets have bid fox up to 19 times next year's earnings. i get that it is valuable, but is it that valuable. should they drag it up to such that they win.

>> what is unique to fox the opportunity on fox is the amount of leverage that is suggested that the stock price is great and has been extremely excited in recommending fox in this set of events there is so much potential there for even relatively modest increases in the bidding for the collective assets. but more broadly does it mean that valuations will go up sure, there is almost certainly going to be another wave of m and a. awill pour a little cold water on the idea that this is end game nirvana time warner, at&t is so large

that time warner will only be 15 to 20% of at&t's revenue the rest of at&t is shrinking in every business it is shrinking in wireless and in enterprise business that by the way is as large as the entire company it is shrinking at directv and they're seeing margins fall even faster. wireless is falling. time wis not big enough to change the trajectory. >> so this is just a temporary lifeline. >> it hes fund the dive dent

for a little bit longer. >> thank you for your analysis >> thank you, still ahead, we have more on this at&t time warner movement. more "fast money alo-ha. with a $500,000 life insurance policy. how much do you think it cost him? $100 a month? $75? $50? actually,duncan got his $500,000 for under $28 a month. less than a dollar a day. his secret? selectquote. in just minutes, a selectquote agent will comparison shop nearly a dozen highly-rated life insurance companies, and give you a choice of your five best rates. duncans wife cassie got a $750,000 policy for under $22 a month.

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welcome back to our big story. a judge approve everything the bid of at&t to acquire time warner >> this is really a victory for at&t rejecting the bid to block the acquition of time warner judge leon also not seeking a stay on the deal it is set to close on or before june 20th. we are reading through the judge's decision right now it points to the threat is that the tech giants pose to at&t to explain why it is not competitive, they're saying vertically integrated companies have provided affordable

on-demand content. and facebook and google have ways to create effective and lucrative advertisements specific to the consumer, anti-trust chief saying that "we continue to believe that the competitive and innovative, we will closely review the court's opinion and consider our next temperatures based on the dramatic moves of the media stocks and after hours trading, there is no question that this decision opens the flood gates for more deals, next up, comcast will make a deal for fox as early as tomorrow >> let's talk here about what

rich greenfield said about other people in play >> yeah, twitter bounced, it got added to the s&p 500 i'm still long, i think you will see it, even though it is over bought, it is an interesting play >> all i hear so far today is that atm.t is a marginalized business you could make an argument that at&t right now, i realize it's not great to talk about the dividend yield, but it is trading well below the day -- >> so you don't believe craig moffitt. this stock is not expensive. >> it is a leading evaluation. this stock has been beaten up

and it is trading at the bottom of a range >> all of this activity, looking to try to compete against netflix, could they get a valuation, why not netflix valuation coming in a little bit if you have all of these people falling all over themselves to try to create a netflix. >> but you have veterry powerfu people you just have to get incrementally higher right now it is an at and t valuation, should there be an expansion? >> that is not the question. this is not saying that why would at&t be priced with a

netflix valuation. we will be all over the time warner decision with this news we are live at the nasdaq in new york city and times square

welcome back to "fast money" a big story this week is the big

fed meeting. hedge fund legend paul jones discussing the current state of the economy and the market >> the last time that we had unemployment rate where it is now is 2000 and we were running a budget surplus at that time of 2 .5%. we were talking about bond scarcity at that time. we have a fiscal policy that literally came from another galaxy and we have monetary laxity. and that brew is what gotthe stock market so jacked up sdp >> he says rates and stocks will continue to rally together this year he is the one who called the october 1987 crash we want to listen to him is this a jacked uet >> yeah, what is interesting is

that the flight got down to 275. i think that the fed is going to upgrade their view of the economy. i think they will drop their guidance >> hawkish or dovish >> he is a dove-hawk >> there is no species -- >> if i have to be one of the other, he will be hawkish. >> thanks for that answer. i was reluctant, i played, that's what i do there is no i in tim. >> or me in seymour. the promise of m a and will lift the markets? >> i think so, yes >> i think so, yes >> up next, final trades

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in the green after the court approves the mega mover. more broadly if you look at the other stocks, lions gate, cbs, all of those stocks are trading higher as well full coverage tomorrow with "squawk box. >> yeah, alibaba making a run at 209 again. just for a trade, i'm shorting netflix right now everybody coming after them, very, very tight stuff just for

a trade, short netflix buying higher.collapsing, lennar >> lumber, cbs is bringinghe luer tomorrow, bill. > my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. can we really just move onto the next thing tha