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AT&T For Time Warner: DoJ Struggles To Get Attorneys General on Board, Says CNBC

“The possibility remains the DoJ will have no support from the state AGs, when it moves to block a merger,” he said. Faber noted the DoJs opposition is “unusual,” as the AT&T and Time Warner deal is a “vertical merger,” rather than integrating companies with complementary market share. The DoJ brief "simply says that the companies putting together distribution and content would be uncompetitive,” Faber notes.

“They are not getting very far with state AGs reviewing that complaint, and certainly no Republican states even thinking about it,” said Faber, although “again, things can change."

Time Warner shares today are down 46 cents, or half a percent, at $87.05, well below the $103 that Pivotal Research’s Brian Wieser on Monday suggested the buyout offer should be worth to Time Warner shareholders.

AT&T stock is up 23 cents, or 0.7%, at $33.96.