AT&T Time Warner

AT&T chmn/CEO Randall Stephenson said his company’s $85bln takeover of Time Warner is a vertical merger and that as more information on the deal emerges, opposition would go away. Speaking during an interview on CNBC, Stephenson dismissed speculation that AT&T might have to spin off CNN in order to get the transaction approved. “I don’t know why we’d even talk about that… It doesn’t seem relevant to approving a deal like this. What would be the competitive issue that you’re remedying with spinning off CNN? There are not competitive issues with owning CNN,” the exec said.

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Lumen Sells ILEC Business to Apollo

Lumen Technologies is selling its incumbent local exchange carrier business in 20 states to funds managed by Apollo Global Management for $7.5 billion. The assets to be sold include the consumer, small

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