AT&T withdraws T-Mobile merger application at FCC -- for now
Nov 28, 2011 10:47 AM
From the National Journal: AT&T gave up on its effort to gain FCC approval for its merger with T-Mobile and is withdrawing its request to transfer T-Mobile's wireless licenses while it tries to fight off a Justice Department lawsuit blocking AT&T from buying T-Mobile's other assets from its parent company Deutsche Telekom. Deutsche Telekom is also withdrawing their application.
AT&T says it plans to seek FCC approval again "as soon as practical."
The move comes two days after FCC Chairman Julius Genachowski circulated a draft order, which, if approved, would have referred the case to an administrative law judge. In calling for an administrative hearing, the FCC said AT&T's claims of new jobs didn't stand up to scrutiny.
As a result of withdrawing its application, AT&T told investors it could lose as much as $4 billion in break up fees to Deutsche Telekom.
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