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AT&T wins U.S. court approval to buy Time Warner for US$85 billion

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AT&T Inc. won approval from a U.S. court on Tuesday to buy Time Warner Inc for US$85 billion, allowing AT&T to compete with internet companies that dominate digital advertising and providing new sources of revenue.

The planned deal is seen as a turning point for a media industry that has been upended by companies like Netflix and Google which produce content and sell it online directly to consumers, without requiring a pricey cable subscription.

Distributors including cable, satellite and wireless carriers all see buying content companies as a way to add revenue.

The ruling could also prompt a cascade of pay TV companies buying television and movie makers, with Comcast Corp.’s bid for some Twenty-First Century Fox assets potentially the

This story was originally published on CBC News. To read the rest of this news worthy story, please visit http://www.cbc.ca/news/business/at-t-time-warner-merger-1.4703289?cmp=rss.

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