AT&T (T) is cleared to acquire Time Warner (TWX) , a federal judge in Washington ruled on Wednesday.

The news sent Time Warner shares surging, while AT&T shares moved lower.

The question now becomes whether or not the Department of Justice will appeal the ruling.

The deal was announced back in October 2016. Since then, shares of AT&T are down roughly 8%, while Time Warner are up 7%. The S&P 500 is up almost 30%.

Plus, media reports over the past few days said that if the deal was approved - which it now was -- Comcast (CMCSA) could officially announce a bid for various Fox (FOXA) assets - the same Fox assets that Disney (DIS) is trying to buy.

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