The Fall · Decision Forks
AT&T Won the Antitrust Trial and Still Lost $40 Billion. The Courtroom Was Never the Problem.
AT&T spent $108.7 billion to buy Time Warner, beat the government in court, closed on its own terms — and four years later handed the whole thing to Discovery for $40.4 billion in cash. The villain everyone remembers, regulation, didn't kill this deal. The strategy did.
8 min