AT&T Inc. and the U.S. Department of Justice held unsuccessful settlement talks over the company's planned acquisition of Time Warner Inc., Reuters reported, citing a court filing.
"All parties have engaged in good-faith settlement negotiations, but despite their efforts, have not been able to settle the matter," AT&T and the DOJ reportedly said in the court filing.
The DOJ had filed a lawsuit in an attempt to halt AT&T's acquisition of Time Warner, claiming that the deal would result in higher prices for rivals and pay TV subscribers and affect the development of online video. The court filing set out a schedule leading up to the trial, scheduled to begin March 19, 2018, that will decide if the DOJ can block the takeover.
Meanwhile, AT&T Chairman and CEO Randall Stephenson stepped down from the boards of directors of Emerson Electric Co. and Boeing Co. to devote his time to the planned takeover of Time Warner and the relating litigation in 2018, which he said will be "an extremely busy" year.