US: AT&T CEO raised idea of selling CNN to head off antitrust challenge

According to Bloomberg, AT&T CEO Randall Stephenson floated the idea of selling CNN when he met with US antitrust officials last year in an attempt to head off a government lawsuit challenging the company’s proposed takeover of Time Warner, according to a deposition.

During a November meeting with the Justice Department’s antitrust chief, Stephenson raised the possibility of selling CNN, reported Bloomberg.

Stephenson recounted the exchange during a deposition before the government’s lawsuit seeking to block the deal went to trial. Stephenson has disputed he ever offered to sell CNN to resolve the government’s concerns about the proposed merger.

According to a transcript obtained by Bloomberg, he was questioned by a Justice Department lawyer about the meeting with Delrahim.

“And during that meeting, you raised the subject of CNN?” the Justice Department lawyer asked.

“I did,” Stephenson said.

“OK. And you were the first one to raise the subject of CNN?”

“Oh, yeah,” said Stephenson, who went on to say, “I asked Mr. Delrahim, I think my language, this will be pretty close: ‘If I were to walk in here tomorrow and tell you I had gotten my head around selling CNN, would that allow you to wave this deal through?’ And he said, unequivocally, ‘No.’”

Full Content: Bloomberg

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