(CNN Business) An appeals court has rejected the Justice Department's bid to overturn a ruling that cleared the way for AT&T's acquisition of Time Warner. Jeremy Edwards, a department spokesperson said, "We are grateful that the Court of Appeals considered our objections to the District Court opinion. The Justice Department alleged that AT&T would also have the power to raise the prices its competitors pay for their content. The AT&T acquisition of Time Warner is considered a "vertical merger" because it's a content distributor, AT&T, buying a content producer, Time Warner. Shortly after the decision, AT&T closed the deal and changed Time Warner's name to WarnerMedia.

Source: CNN February 26, 2019 15:28 UTC