A judge ruled that AT&T can move forward with its $85.4 billion takeover of Time Warner despite a lawsuit from the U.S. Justice Department attempting to block the deal, according to The New York Times.
The deal was first announced in October 2016, but the Justice Department attempted to block it on the grounds that it could raise costs for consumers by limiting competition.
Many in the business world are viewing the decision as a sign that similar takeovers may be approved, such as Comcast’s or Walt Disney's bid to take over 21st Century Fox's media assets.
"We are pleased that, after conducting a full and fair trial on the merits, the court has categorically rejected the government's lawsuit to block our merger with Time Warner. We look forward to closing the merger on or before June 20 so we can begin to give consumers video entertainment that is more affordable, mobile and innovative," AT&T stated.