AT&T and Time Warner have elected to extend the deadline, or "Termination Date" to finalize their $85.4 billion merger agreement to April 22, 2018.
"In accordance with the Agreement and Plan of Merger, dated as of October 22, 2016 (the "Merger Agreement"), among Time Warner, a Delaware corporation, AT&T, a Delaware corporation, West Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of AT&T, and West Merger Sub II, LLC, a Delaware limited liability company and a wholly owned subsidiary of AT&T, each of AT&T and Time Warner elected to further extend the "Termination Date" of the Merger Agreement to April 22, 2018," according to a filing with the SEC.
The move comes a week after the Department of Justice filed a lawsuit in the U.S. District Court for the District of Columbia to block AT&T's attempt to acquire Time Warner.
AT&T said at the time that it would "vigorously" contest the DOJ's allegations and that it was "confident" the court will reject the DOJ's challenge to the merger.
Shares of AT&T were lower at the market open following the announcement of the deal's extension, while Time Warner stock was slightly higher.
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