it's also full of time warner as well.: time warner the winner, rallying 3.5% after briefly breaking 100. julia: so exactly what you went is a paid. you said no-brainer as this is concerned. indeed thereis if are any conditions attached to this win. scarlet: do you think if there are attachments they will abide by them happily, or will they push back at the joe: no conditions. at&t judge imposes no conditions, so that question becomes instantly academic. >> i am not surprised, but i think we have yet to hear from the white house. >> this is a real black eye for the department of justice. a lot of legal scholars from day one said this never should have been filed, and that if they want to go after vertical deals, there are other deals to go after, so that's why the at&t folks were so aggressive in pursuing this case. julia: we mean no use of arbitration ultimately if indeed there is some dispute echo >> no conditions. scarlet: jennifer reid, jump in here. we talked about how at&t has been cleared by the judge to buy time wa

time warner up about 1%. but the point is they're all higher here, and for after-hours trading, we have very heavy volume for what you would normally anticipate a stock trading in the after hours. what do you make of, that james? they're all up. >> i think they're going to win. it would be shocking if e judge ruled against the companies. you were menging a moment ago, the idea you have to sell to win the case. if the judge goes for the government, it's going to be interesting to read how he got there because the question is cnn so valuable, so demanding by customers they will pay anything for it, it has monopoly power. maybe we're not the people who answer that question, but i think the market -- connell: would any one network be that way? and also -- >> the market is telling you it's not that much. connell: also, if you're the distributor in this case, i think their point and maybe i don't know what you think of this, seth, their point is we want to have competition, we want to offer as many networks as we p

at&t operate the pipes that time warner users.ed operate the pipes that time warner users. the judge agreed with at&t and time warner which will allow the company to create a media giant that they hope will better compete with they hope will better compete with the likes of google. already other mergers are being looked. 21st century fox and either disney or another major company. judge richard leon said the us government he hopes would appealed his ruling. it could fundamentally alter the us landscape the decades to come. shares in chinese telecoms equipment maker zte plunged by 39% as the company resumed trading after it reached a settlement with the united states over its handling of a sanctions violation. let's go to our asia business hub where rico hizon is following the story. nice to see you. zte shares dropping like a stone? absolutely and that has wiped out about 3 billion us dollars off its market value as it resumed trading on the hong kong stock exchange after it agreed to pay up stock exchange after it agreed to pay u

explain for us what at&t and time warner are looking to do with this merger. what a first -- when did a first-come about? guest: it cannot quite a long time ago before the election. it came out october 2016 is when he announced the merger. 80 $5 billion deal. at&t has been looking to buy a content company. owns a slew of cable networks. cnn, tbs, hbo. it owns warner bros., the fabled hollywood studio. they have been anxious to get their hands on it because at&t says the future is going to be in these bolt up content companies -- bulked up touching cavities. we need them to compete against facebook's of the world. not just offering their own type of content, but also advertising. in a big do for at&t is they can create this kind of innovative new advertising platform that they believe will change the business. the department of justice gets involved in says, not so fast. what are the concerns being put forth by the government in this case against the merger? guest: on the consumer level, the government says it has made the calculation this merger will end up cos

integration with the people in the pipes,e time warner, cable, ownering things like warner brothers,ugh the breakup of that, through people putting it back together, and i do think it will allow vertical sbrintegrat, there's going to be amazing consolidation in the industry, and people are going to try to own both distribution channel, information about the customer, and the content. >> yeah. walter, do you think the point, the ceo said, look, look at net flick, they originate, aggregate, and distribute content with 100 million subscribers, clearly national. is the point valid, what's different between them and us? >> well, and it's true, we had consolidation including comcast universal owns the pipes and contempt the question is not only as you discussed on the show, but the question of whether or not it affects consumer prices, but also whether it can tamp down competition in the future. you may not have had netflix be able to emerge if there was not a more open pipelinesystem so the question is, if you allow a lot of vertical integration, will it stop the future netflixs from bein

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 ans

a judge approving the at&t takeover of time warner. what's next? challenge disney in that bid for fox. >>> it's decision day for the fed. a policy announcement and a news conference by jay powell just hours away it's wednesday, june 13, 2018. finally warm quawk box" begins right now. ♪ >>> live from new york where business never sleeps, this is "squawk box. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. yesterday the markets ended mixed, jusbarely dow down about a point and a half this morning some modest advances dow futures indicated up by 18 points s&p up by 2. nasdaq up by 9 let's take a quick look at treasury yields. yesterday you saw the yield on the ten-year treasury unchanged at 2.959%. this morning 2.957%. >>> a judge approving at&t's comcast expected to be biddingr. for fox, 21 century fox's assets as early as today.

at&t, time-warner, 21th century fox all

also keep your eye on warner brother s, time warner's video game division, thinking there is that timeuld need to make othercquisitions of io build out that business for alphabet, could they be interested in content m&a too. brent till at jefferies sees it as a low probability as for youtube it makes more sense, he says, for them to continue partnering with content creators, not buying them. and then we're focused on other bets like cloud technology the ruling must have all these big tech companies thinking about their m&a strategies still smart to build, not buy their way into content john, back to you. >> josh, thank you very much josh lipton, going to be a fascinating next several months. we're keeping an eye on the markets. tight range ahead of the fed decision in about three hours or so we'll watch that rick santelli has had a busy morning with wholesale prices. what are you watching? >> you know, i'm watching the reaction to wholesale prices being a bit hot, hot, hot. why it didn't move much after the brea whoooo. when it comes to travel, i sweat the details. late checkout... ...

and competitive would have to get access to the time warner content. as a new combined entity with significant market power, there would be greater incentives to deny or frustrate access to time warner content by denying or raising prices through this bargaining leverage to their rival distributors. it's really very simple. very intuitive, easy to understand. as josh was describing, the judge's opinion focuses primarily on refuting the theory by discounting the evidence provided, by discounting the economics. the economic analysis performed by government experts. they really hinged on specific facts, very specific findings. i actually do worry about some of the conclusions about the role and value of evidence in the opinion. antitrust analysis as josh was pointing out earlier, a very important piece of the puzzle is to go out into the market and get evidence from third-party customers, rivals and to use the anecdotal evidence in the investigation to determine whether he merger is anticompetitive or not. >> i served on the federal trade commission for a

he's in favor of the at&t-time-warner merger giving them the do-ahead for at&t to buy time-warner herethe interesting thing is he had the option to put conditions on this. so the fact the jud said green light all the way, go ahead, no conditions shows just how much he bought at&t and time-warner's case. there's a wild card here. the dog people that have been following this trial very, very closely have said that they would not be sprised if the dog tried to appeal this decision. this merger is not set to take into effect until later this month in june. so they have some time. the judge preempting that. he said is national security a good idea for the government to bring this issue up again. he doesn't think there's enough there. we'll see if the doj tries to pull a fast move here and try to appeal this decision. for now, at&t and time-warner have the green light. you're seeing the ripple effect across other potential media deals that are waiting in the wings. you have comcast stock up, time-warner symptom. positive effects rippling across the board. deals that could be waiting on the w

look, i think that if this deal is blocked, time warner walks is time warner is looking at it going -the market for studios and hbo has appreciating fully. is probably worth right now only $100 for time warner in they could make more money and breakeven. investors and shareholders are eagerly awaiting that decision. rich greenfield, thank you. up, we will be talking to a former u.s. ambassador to the u.n., bill richardson. ♪ ♪ mark: i'm mark crumpton with first word news. world leaders are weighing in on the historic summit between president trump and north korean leader kim jong-il. european union foreign policy chief federica mogherini is among those in the meeting. >> today's summit diplomacy and dialogue is the only way forward. in this case, world lasting peace on the korean peninsula and beyond. let me say in more general terms, this is a sign of the fact that the diplomatic track is off -- is often challenging, the most difficult one to be followed, but it is always the most rewarding one. for marks were's directed at the eu's ongoing attempts to keep alive the nuclear deal wit

time warner content is very valuable. the government argued that it was must have content and that rival distributors would have to get access to the time warner content. -- combined entity, there will be greater incentive to deny or frustrate access to time warner contact -- content by denying or raising prices through this bargaining leverage to distributors. simple. mary intuitive and easy to understand. as josh was describing, the opinion focuses primarily on refuting the government theory by discounting the evidence that was provided from third parties, by discounting the economics, the economic analysis performed by government experts. it hinged on very specific facts and findings. about somedo worry of the conclusions about the role and value of evidence in the opinion. is a veryanalysis isortant piece of the puzzle to go out into the market and get evidence from third parties, customers and rivals, to use that anecdotal evidence in the investigation to determine whether a merger is going to be anti-competitive or

. >> peter: do you agree with the at&t-time warner case, why or why not? -- : we think this is a this is a poorly framed opinion. it's obviously a big loss for the government. we disagree on a number of grounds, including the rejection, the judge's rejection of the government's theory. it's a very fact-specific, fact-driven case, and it raises any number of issues regarding how antitrust cases are litigated and what the important competition issues are and what the important consumer issues are. at the same time, we think it's a pretty isolated case. it's not going to set a lot of precedent for other cases. it's one district court judge's decision. other judges are not bound by that, so we don't see a whole lot of implications, drawbacks for future merger enforcement. peter: what is the government theory that he rejected that you think is valid? diana: yeah. so in a vertical merger, it's interesting because we think a lot about horizontal mergers which eliminates head-to-head rivals. vertical is different. it pairs up input with distribution. it's pairing

do you agree with judge leon's legal arguments in the at&t time warner merger case? why or why not? >> could not disagree more. we think this is a poorly signed an opinion. a bigoss for the government. we disagree on a number of grounds including the rejection of the government's theory. it's the very fact specific, factored in case and raises any number of issues regarding how can i trust cases are litigated in the important issues are. i'm the same time it's an isolated case. not going to settle a precedent for other cases. we don't see a whole lot of implications drawbacks. >> host: what is the drawback do you think is valid? is still in a vertical meer would think about about horizontal mergers which eliminate head-to-head rivals. it pairs up in posted distribution. tearing up content with distribution, video distribution. vertical mergers can still have horizontal effects and market. in this case the governments concerned was that because of at&t's market power combined with time warner, the company would have enhanced incentives after the merger to make it difficult for rival

whether it is cbs or at&t time warner, all of these mergers have enormous vertical implications. it is against that backdrop that we are concerned about the plight of competition and consumers as a result of these decisions. i think it is notable that judge leon do notge provide a landscape on facts and economic models, and evidence. did not provide any landscape against which this merger would be evaluated. not once did we hear the term market structure. do we have big powerful players with big market shares? nor did we hear market power mentioned once in the complaint. i'm sorry, in the opinion. there is an important table setting that did not occur, that would have given the american consumer the ability to understand the importance of antitrust enforcement and this particular merger. oft: what about his analysis mppd's hulu and netflix and where the competition is going. diana: that is a really good question. echoes to how the court or the government in the complaint evaluated the market. we call it the relevant market. the potential harms that would occur. the judge accepted

his column this morning, ate ae at&t/time warner ruling shows need to boost antitrust law. e thword high time, jim. >> absolutely. antitrust experts have been waiting almost 40 years for a federal court ruling that deals with it. meanwhile the internet has been born cell phones have come onto the scene. google and amazon have launched. we're in completely different world from the last time a court considered these issues. a huge win for at&t buso for the traditional view which was championed by the late robert bore, a chicago school approach toward mergers which the mainstream of antitrust scholarship has really moved away from in 40 years. >> this morning in "the times" andrew ross sorkin writes the government's case always felt political. sounds like you kind of agree with that. >> first of all, vertical mergers are not usually challenged in such a way i think that the administration has made it very clear that, like cnn perhaps or some other aspects of time warner but i think the main point is that the justice department lot it from a cable television pointf view and whet

. >> a judge h just ruled on the at&t and time warner merger.t out that cnn n justice correspondent jessica snyder live at the courthouse. jessica, what can you tell us? >> reporter: quite simply the judge in this case, the federal district court judge has essentially approved this mr between at&t and time warner. at&t acquisition of time warner. i just got out of the courtroom. judge richard leon for 30 minutes read his opinion and at the end of it, he said that basically the government's three theories of harm, all three theories, they -- they did not meet their burden of proof to show there would be a substantial lessening of kmet kp -- of competition if at&t acquired time warner. this is a six-week trial and the judge ruling today this merger can, in fact, go forward. and this is a complete and total win for at&t. and what could happen at this point forward is that the government -- after losing in this case -- they could ask for a stay of the opinion as they go and what is important about that is that could affectively render this deal dead

time warner owns cnn and hbo. the ruling was a blow to the justice department hich has sued last november to block the merger saying it would hurt competition and lead to higher prices for consumers. also this week, electric car maker tesla cut its workforce by 9%, the ceo said layoffs would help the company be more profitable. joining me are market watcec t editor and bureau chief jeremy owens. chief technology correspondent ina freed. a federal judge has cleared the way for the $85illion purchase of time warner. >> there's a huge fight for content out there. netflix and all the original content it's making and all these places are trying to get more content and that is a huge expense for a place like at&t which owns directv and is paying for those channels they put on directv. when you look at comcast which purchased nbc universal. to compete well it felt like it needed to get that same deal. >> programming that'spvery ular like "game of thrones," cnn, the harry potter movie franchise. so this begs the question,

that time warner has.ernment hates these deals, when you mix distribution and contenhe government hates it, particularly the trump administration, they believe it is too much concentration of media power among few too players. prevents the growth of alternative media. that is what this whole thing is about. did he make the case is the question during the eight-week l? dg leon, didn't seem to buy the arguments. government. he doubted the premise that this would lead to higher prices. despite concentration of assets, he doubted government had right anything how much prices would go up. just because he doubtshe theories, doesn't mean he will he may have been playing devil's advocate. we don't know. the stocks, if you look at stocks, they're suggesting to me, should put at&t. at&t is up a little bit. time warner is down a little bit. you can't really assume or maybe market is saying this could be a mixed verdict, where they approve the deal based on a lost conditions that doesn't really help at&t. trish: so if

where as the takeout multiple on time warner is 11-x.forbid that the market, andrew, starts awarding these companies a merate discount or notices as in the case of netflix that there's not a lot of current cash flow i mean, you lo at at&t/time warner it's got $52 billion of cash flow netflix is pushing $1 billion right now. so it's a very, very treacherous area if you're an internet technology company to wander in here because at the end of the day, you just don't know when wall street's going to take away your currency i have been totally wrong in estimating how long wall street has awarded azon and netflix what i would call these preposterous multiples but interest rates are rising. >> if you're right, those are the ones who need to be jumping in now at least the expectation at the moment is that they're not the ones doing this. well, if -- th, andrew, you have to go back to your previous speaker who could tell you all about it. aol when it had the merger with time warner had l -- i actually confronted jerry and said, if you don't get

contributors would have to get access to the time warner content. is a new confined entity, there would be greater incentives to deny or frustrate access to time by denying or raising prices to this getting leverage to their arrival distributors. and easyery intuitive to understand. the judges decision focuses primarily on refuting the by discountingry the evidence that was provided from third parties, by discounting the economics, the economic analysis that was performed by the government experts. it really had some very specific facts, very specific findings, and i actually do want -- worry about the role in the value of evidence in the. , was a veryalysis important piece of the puzzle. markets go out into the and get evidence from third parties, customers, rivals, and in that anecdotal evidence the investigation to determine whether a merger is going to be anti-competitive or not. served on the federal trade commission for a number of years and voted out hundreds of merger challenges and consents. infrequent that the economic analysis, the custom

that the administration has made it very clear that, like cnn perhaps or some other aspects of time warner but i think the main point is that the justice department lot it from a cable television pointf view and whether going to raise prices in that particular world, which possibly could, but the real issue was, is time warner better off to fight a netflix or tech companies by itself or is it better off with at&t? and the answer is resounding that it's better off with at&t look at the terrible job the did competing with hbo, which was kind of precursor to a netflix if you'd like. they d a v very bad job. that's the real battle is the tech companies, not the cable companies. >> one of the key questions is

south southwestern bell and mirror attack among many others that i i can't recall and and with time warnerthere is that flagship time magazine of course warner communications the music and the cable that goes with it and then turner broadcasting think c.n.n. plus the old school america online much much value is there so melissa what's going on with the companies and their stocks and what would a new merged company look like from a bottom line perspective. well the media landscape is definitely changing that's interesting because you had like you said these phone companies like eighteen nineteen these telecommunication companies now all of a sudden they're in the real money the big big money everyone's seen on the writing on the wall is for content it's creating content and it's controlling the content and then charging to view the content and so all of these companies are trying to compete with the likes of netflix which is controlling the content as far as creating it and then airing it for people at a very cheap price because if you sign up for netflix you can pay fifteen twenty bucks a

on the biggest shake ups in the global media industry eighty and seat time warner will be eighty billion dollar deal give it. a digital rivals like netflix or. this is the business live from. electric amika tesla has to cut almost a tenth of its workforce needing more than three thousand people will lose their jobs in an e-mail to stop c.e.o. elon musk wrote what drives us is our mission to accelerate the world transition to sustainable clean energy but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable. that's a lofty mission statement that's certainly come at a cost in its fifteen years of existence tesla has not has not once turned an annual profit but in recent times the situation has worsened the first quarter of this year the company posted more than seven hundred million dollars in losses its worst ever performance that along with other problems like the departure of senior staff and crashes involving electric cars and self driving mode has prompted the company to restructure key to efforts to finally drive a profit is this th

adc court gives an emphatic green light to at&t by time warner. what deals are waiting in the shery: the federal reserve tells us at 2:00 this afternoon, what it has decided over its meetings. markets are certain, policymakers will announce a rate hike. the bigger question -- what comes next? insight, our bloomberg intelligence strategist, great to have you in new york. today,nknowns, how exciting is a going to be for the treasury market? >> the treasury market maybe not so much but for the future of policy, it will be interesting. there are a lot of potential gsn annnce. a press conference at every meeting. probably that interest paid on excess reserves is not going to be raised as much today as target range, there are technicalities going on in the market now. we have also got a hint that maybe what the terminal rate will be. when will the fed stop? you have policymakers saying we are close to neutral rate. when we get te neutral, h gh is it willing to go a if they do, how far? there are potential questions that can be asked. will jay powell ans

a judge today approving the company's $85 billi acquisitio of time warner without conditions. the judge said the governmented fa to provide sufficient proof that the deal would harm rsmpetition or consu this was one of the most widely watched anti-trust trials in decades. hamilton pierson is outside of the courthouse in washington decision was released and he joined us now. hamilton. >> reporter: hello, bill. a stunning decision. as you were just talking about,e a federal jas cleared the way for the at&t takeoverf time warner, some 20 months fter the deal was originally announced, the $85 billion takeover that is. u.s. district judge richard leon told a packed washington courtroom that the justice department in h view simply failed to prove its case, that the combination would lead to higher prices for pay tv subscribers and more leverage for the merged firm with its competitors saying at one point, i conclude the government has fail to meet its burden of proof. and now after that ruling, government anti-trust chief left the courthouse avoiding cameras and nemicropho but the d

time warner can merge despite the objections of the u.s. department of justice that is an eighty five billion dollar merger one of the largest in recent history it is rare that the department of justice opposes a merger on antitrust grounds and rarer still that they lose a case like that this is a case in which president donald trump made his opinion clear he said this merger will not go through in my administration he particularly objected to the fact that time warner owns c.n.n. and there was even talk that c.n.n. would have to be spun off an order for the merger to go through this was the vertical integration of two companies in other words they didn't do the same thing one of them distributed content the other one provided that content and the d.o.j. is more likely to disapprove when two companies do the same thing but this was a response to amazon and netflix who were content distributors who then became content providers and in time warner said they had to do this in order to compete the judge agreed and the federal government can now

but at&t and time warner still plai plan to come together. they are saying this time next week the deal will take effect. and that means cnn and other time warner channels will be owned by at&t within the coming week. an then town halls and announcents and things like that tong the companies together. if there is an appeals process and eventually the government comes out ahead, it is hard to unscramble eggs but it would be an attempt to bring the companies back apart but at&t is moving forward with the belief this is a clear win in court and i'm told that at&t and ceo raall stevenson who was watching this from the headquarters in dallas, this is a crowning achievement for him. he's been trying to get this done for almost two years because he believes at&t needs to compete with facebook, with netflix, with google, as jeffrey was just saying. i think this announcement by the judge lends more credence to the suspicion that somehow, some way president trump had something to do with the doj action here. this was a strange move by the doj to try to

south southwestern bell and mirror attack among many others that i i can't recall and and with time warnerthere is that flagship time magazine of course warner communications the music and the cable that goes with it and then turner broadcasting think c.n.n. plus the old school america online much much value is there so melissa what's going on with the companies and their stocks and what would a new merged company look like from a bottom line perspective. well the media landscape is definitely changing that's interesting because you had like you said these phone companies like eighteen nineteen telecommunication companies now all of a sudden they're in the real money the big big money everyone seen on the writing on the wall is for content it's creating content and it's controlling the content and then charging to view the content and so all of these companies are trying to compete with the likes of netflix which is controlling the content as far as creating it and then airing it for people at a very cheap price because if you sign up for netflix you can pay fifteen twenty bucks a month an

>>>he also from tt&t mega merger from time warner, a look at this week's developments in tech. >>> plus a new book on a fateful meeting convened by robert f. kennedy more than 50 yrs ago d how that conversation continues today. hello and welcome to "kqed newsroom." i'm thuy vu. with the new mayo elect london breed. san francisco waited as votes for counted in a tight rac f mayor. either of the top two candidates promised to be a first for the city. mark leno would be the first openly gay mayor.do while lbreed would be the first african-american woman to lead the city. finally on wednesday morning he conceded to breed. the new mayorect grew up in the westn addition neighborhood and was first elected to the board of officers in 2012. she sat down with editor scott schafer. >> thanks for coming in. >> of course. >when you walked throug the doors of city hall and you said my name is london london breed, what went through your mind? >> i couldn't believe it toell yo the truth. it almost felt like a. dre it's amazing and i'm excited to be here. >> you did a callout to your grandmother, ms. br

tomorrow, at&t/time warner closes possible and we get t china's tariffs announce. we'll have a ver busy night tomorrow night. >> you won't want to miss it. so please join us. >>> that's does it for tonight. >> have a wonderful evening in the l antime. we we you to. >> this is "bbc world news america."is >> funding of resentation is made possible by the freeman foundation, kovler foundation, pg solutions for america's glected needs, d purepoint financial. >> howo we shape our tomorrow? it starts with vision. we see its ideal form in our mind, and then we begin to chisel. we strip away everything that eal newin the way to r possibilities. at purepoint financial, we have designed our modern approach to banking around you -- your plans, your goals, yo

gets the green light to buy media company time warner. plus the resignation threats of a rebellion and concessions as the u.k. parliament debates a key bricks of legislation. a military operation has begun in yemen to take the port city of her data from the rebels that's according to a saudi owned television channel the united arab emirates which is part of the coalition battling the who things had given the rebels until tuesday to leave the un envoy to yemen had been negotiating to try to prevent fighting to date is the main port for aid deliveries for millions of yemenis suffering from food and medical shortages. the meeting between donald trump and kim jong un may have been held as historic but after the handshakes and smiles many questions remain about the details of the deal the former adverse reason for the first time on choose day in singapore they signed an agreement which has been scrutinized for what it did and didn't say kim pledged to destroy its nuclear arms but with no specifics or timelines and trump blindsided many with a

reporter: we just heard from time-warner's lawyer team. they said they are ready for this merger to take place. this is what they had to say following the trial. they said this has taken a hit on them and also their employees. >> it's unfair to the defendants and the hundreds of thousands of hanging i the balance.have been it's time to complete his transaction and move on. >> there will beo divestment of any assets. the government sought to block the merger in its entirety and that request was denied in its entirety. reporter: the bottom line is this brings up to the surface a competitor for hulu and netflix and prime time video. charles: this other big story ining president trump on his way back to the u.s. after the successful summit in singapore where north korea agreed to work toward complete denuclearization of the korean peninsula. president trump: i think we are now going to start the process of denuclearization of north korea. and i believe he's going back and will start it virtually immediatel and he already indicated that. and yo

take over of time warner. let's do business what mess scottish lawmakers have staged a walkout the irish say the u.k. needs to make a decision the germans want to be no wiggle room and the british government forced into a compromise agreeing to give parliament a bigger say in briggs the negotiations rebels from all parties want to avoid the heartbreaks it keep close e.u. ties once britain leaves the block. we are used to the right three hundred twenty four the nose to the left two hundred ninety eight so the are you savage the eyes are very narrow victory for to reason may made possible by some last minute concessions to pro european m.p.'s on the streets to those who oppose britain's departure from the e.u. continue to ensure their voices are being heard. the path towards brics it is still far from clear. and there are big questions looming over the future trade relationship with the e.u. after britain's planned exit from the union on the twenty ninth of march two thousand and nineteen. there's a lot at stake

well you know i think the decision in the time warner eighty and t.k. said the judge just summarily dismissed every single argument that the department of justice had and i think it speaks volumes we're in such an ever changing constantly changing media landscape that this that that particular merger and others that are might follow are really a battle for those companies to grow and survive not to monopolize i mean you could who really sits in front of the t.v. that much anymore you tube has a billion viewing hours a month you have facebook and google dominate two thirds of the online advertising you have programs that i never even heard of that people constantly say to me or just see this did you see that it's either on netflix or one of the other services so the idea that there could be a monopoly and people have to have to watch c.n.n. and h.b.o. and they're going to raise the prices on these poor people is ridiculous we don't even know where all this is going but if the future is unlimited and it's constantly changing. line of what's your take on a

i don't think they are expecting this far of a ruling in favor of at&t and time warner. but it sent a clear message to the justice department. it is bringing up more why was this case brought in the first place. these types of mergers typically don't get the scrutiny from the justice department. there are questions about political motivation in the beginning. time warner is pointing directly at this political motivation since putting out a strong statement questioning whether there was political motivation behind this case. the white house and justice department has denied this. but just how clear this ruling came down in favor of at&t and time warner, those questions have continue tthreatened to li. >> is there a possibility of an appeal? >> reporter: there is always the possibility of an appeal. the justice department said they are considering that option. in an unusual move yesterday, the judge in this case, judge leon, issued a stern warning to the justice department, not only about an appeal but about a stay. he could be asked to freeze the merger to go through the

caroline: thank you for coming up, m&a judgment for at&t and time warner. ares are mixed ahead of the will to the courthouse in. this is bloomberg. ♪ caroline: live from london, i'm caroline hyde. i am vonnie quinn. long time coming, $85 billion deal with time warner will be decided today. joining us from outside the courthouse in washington, d.c., is jennifer, senior antitrust with bloomberg intelligence. there are effectively to decisions today that are possible. beyond that, there will be a lot more to decipher in what the judge rules. can you explain what it might be? >> yes. absolutely. court hasn't really addressed a merger like this for a long time. this is a verdict deal. assets being combined you not compete with one another. we haven't seen one of these since the 1970's. the ruling could be brought and we could talk about vertical deals and how they are treated generally and it can be more narrow or tailored to just the facts in the case. either way, if the department of justice wins, we will see in the future they have more leverage when it comes

i think the time warner deal prilsed 3 a share and time warner closed around 97 dollars and leaves a little bit of room at investors are a little bit cautious that it could can geither way. t deal -- if they block the deal certainly look for time warner to back off.ly prob back to somewhere low to the mid-80s. watch alsoor telephoneo back off because of the opportunity lost, right? then i think it's going to talk about that wholesector, the comcast/fox deal in the wings waiting for this decision is either going to be on or off, right? if they blockhis merger the deal is off or let the merger haten then exp comcast will make a bid for fox as they have indicated they are going to do. >> tha you,kenny. >> thanks, kenny. >> as always. he is wllh o'n securities. bill? >> investors across the globe will be watching and waiting to see what happens in singapore wh the leaders of the u.s. and north korea meet there but another country that could influence the talks as well. one that will not be in the room with theatwo leaders. ountry is china. ere is our report tonight from beijing. ♪ >> rep

which is taking over time warner stock is down stock going to down trend time warner's up you have comcastthat stock is down stock is a down trend since they put the bit in it's still down compared to disney.

a judge has approved at&t's deal to buy time warner. kristina: the announcement came after the announcement close yesterday media stocks were all sorry. the dow is actually down one point by one point by point than investors awaiting and expect that interest rate the federal reserves. train to the outcome will how today shapes a good a slightly positive open. take the top 17 points in the premarket, nasdaq up 12 and three quarters. kristina: let's head to europe for stocks open mixed ahead. the european central bank and bank of japan meeting later on friday. train two stops on in china after telecom giant zte reopen for trading following the one point for billion-dollar settlement. investors thinking that's not a good deal for zte. both down about 1%. elon musk announces plans to flagship workfor "fbn:am" starts right now. cheryl: 5:01 a.m. in new york in wednesday, june 13th. sure in three im transfer smiling because it's wednesday. it already feels like it's friday. we written yesterday morning at 1:00 a.m. eastern time on their. lots

south southwestern bell and mirror attack among many others that i i can't recall and and with time warnerthere is that flagship time magazine of course warner communications the music and the cable that goes with it and then turner broadcasting think c.n.n. plus the old school america online much much value is there so melissa what's going on with the companies and their stocks and what would a new merged company look like from a bottom line perspective. well the media landscape is definitely changing that's interesting because you had like you said these phone companies like eighteen nineteen telecommunication companies now all of a sudden they're into context the real money the big big money everyone's seen on the writing on the wall is for content it's creating content and it's controlling the content and then charging to view the content and so all of these companies are trying to compete with the likes of netflix which is controlling the content as far as creating it and then airing it for people at a very cheap price because if you sign up for netflix you can pay fifteen twenty buck

judge clears the at&t takeover of time warner. what does the ruling mean?atch sky and liberty global. rub -- aay, avoiding key brexit vote. kevin brady britain crash out of the european union without a deal -- can britain crash out of the european union without a deal? we have less than a half-hour ago in told trade starts -- to go until trade starts. ahead of this reserve decision, we have ftse futures down, they were unchanged a half hour ago. they are moving in the down direction. take a look at treasuries. you n't get bottom signal there as to whether there is a -- lots of signal there as to whether it there is a risk on or risk off. they are pretty much covering around the same level it closed yesterday, 2.9645%. the u.s. 10 year yield could go to 6%, but it is still holding number three right now. -- under three right now. to itsiting for the fed us time to think about what the fed is going to signal and what the central banks around the and what the implications are for the central banks around the world. we get data out of the u.k. today. the bloomb

federal judge has approved the $85 billion deal between at&t and time warner. the two companies won court approval for the tie-up in the face of opposition from the trump administration which the judge said failed to prove the merger could cause competitive harm shares in time warner jumped in extended trade, at&t moved lower. volume has been unusually high 13 million time warner shares and 21 million at&t shares traded after hours as well the decision is expected to have an impact on a number of deals including the battle for 21st century fox. shares in sky, which is at the center of that bidding war, are under pressure this morning as mcast, the parent company of nbc and this network is expected to formalize a bid for fox assets today for more on the doj ruling and its wide-ranging implications, head to cnbc.com before we head out a look at u.s. futures we have the fomc coming up all eyes on the dots a they're very much expected to be a hike. dow opening up aut 12 points lower. nasdaq about 1 point higher. lackluster as far as markets are concerned. that's it

you know i think the decision in the time warner eighty and t.k. said the judge just summarily dismissed every single argument that the department of justice had and i think it speaks volumes we're in such an ever changing constantly changing media landscape that this that that particular merger and others that are might follow are really a battle for those companies to grow and survive not to monopolize i mean you could who really sits in front of the t.v. that much anymore you tube has a billion viewing hours a month you have facebook and google dominate two thirds of the online advertising you have programs that i never even heard of that people constantly say to me or just see this and you see that it's either on netflix or one of the other services so the idea that there could be a monopoly and people have to have to watch c.n.n. and h.b.o. and they're going to raise the prices on these poor people is ridiculous we don't even know where all this is going but the future is unlimited and it's constantly changing. line of what's your take on all

you've already put at&t and time-warner through a lot it's a waste of time and money. charlie: well that's the whole thing that's what he did, but, they don't work for judge leon. they work for nominally, donald trump and -- liz: and he doesn't like this merger. charlie: and they don't like this merger and they don't like comcast and they don't want comcast to get any bigger so all i'm saying is this. this can go on until sunday night i understand. if you see the doj appealing this decision, i'm telling you, it throws a monkey wrench into the bidding war that could go on for our assets and other assets. this is a big big thing if this happens. liz: indeed but now let's get to the actual three players. bob iger of disney, rupert murdoch of 21st century fox, and brian roberts so to me it looks like bob iger has to somehow with this deal. charlie: as we reported a couple weeks ago, 21st century fox is going to entertain any higher bid. they almost have to and people thought they always wanted to go with disney which maybe they did culturally but this is a lot of money and

. >>> a federal judge has given at&t the green lht for the $85 billion take over of time warner.ome to hbo,cnn and warner bros. movie studio. afterum listening to ats for and against the deal, the judge ruled that at&t can buy all of time warner without conditions like agreeing to not raise prices. it's considered a legal loss for the trump justice department that sued to block the deal. nbc has more. >> reporter: a megamerger approved. a resounding defeat for the trumpti administ's department of justice. clearing the way for popular media entities like cnn, hbo and warner bros. to join forces with at&t, atop internet provider. they ruled that at&t can buy time warner for $85 bilon with no conditions. >> we are gratified with the court's decision. >> reporter: the land mark decision comes after president trump criticized the deal last year. >> i felt it was a deal that is not good for the country. i think your pricing will go up. >> rorter: at&t and time warner argued the combined company would allow them to better compete with newer players in the field, like amazon, netflix, ap