AT&T Inc. and Time Warner Inc. on Dec. 21 extended the termination date for their proposed merger until June 21, 2018.

The companies had previously agreed on a termination date of April 22, 2018.

According to a recent report, AT&T and the U.S. Department of Justice held unsuccessful settlement talks over the company's planned acquisition of Time Warner. 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.

A trial is scheduled to begin March 19, 2018.