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Sen. Sanders Slams AT&T-Time Warner Deal - Broadcasting & Cable

Sen. Sanders Slams AT&T-Time Warner Deal

Also takes shot at Bewkes stock options
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Sen. Bernie Sanders (I-Vt.) says the AT&T-Time Warner merger would be a gross concentration of power and called for the Department of Justice to block the deal.

Sanders has been one of the most outspoken critics of media consolidation, so his view on the proceedings is hardly a surprise.

“This proposed merger is just the latest effort to shrink our media landscape, stifle competition and diversity of content, and provide consumers with less while charging them more,” Sanders wrote in a letter to Renata Hesse, head of the antitrust division. “This merger represents a gross concentration of power that runs counter to the public good and should be blocked.”

He made no mention of the FCC, which may or may not review the deal depending on what licenses Time Warner has, though it would almost certainly provide its expert opinion to the Justice Department at any rate.

Sanders also did not like the prospect of Time Warner CEO Jeff Bewkes profiting off the deal. "[T]his proposed deal is likely to allow the CEO of Time Warner to earn hundreds of millions of dollars on the stock and options he has accrued," while the combined company will be "saddled" with $175 billion of debt.

Sanders also warned that the deal would lead to a wave of other media mergers.

The deal has made strange bedfellows of Sanders and another presidential candidate, Donald Trump, who has also said he would block the merger if he could.

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