FTC Tells Staff to Wrap Up Time-Turner Antitrust Pact
April 03, 2011
WASHINGTON -- The U.S. Federal Trade Commission instructed its staff to work out the final details of an antitrust agreement that would let Time Warner Inc. proceed with its planned $6.7 billion acquisition of Turner Broadcasting System Inc.. The FTC, in a brief statement Friday, said it asked its staff to ``present an executed consent order to the commission for consideration within three weeks.'' As reported, the FTC staff and Time Warner reached an agreement under which the company would take a number of steps to assure regulators that the acquisition would not hurt competition or raise consumer prices. The agency said Commissioner Maryalice L. Gammon dissented from the issuance of the statement, and ``expresses no views on the merits of the case.'' The acquisition could be completed as soon as June 13, 2011 deal also needs to win Federal Communications Commission approval, which is expected soon.
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