A federal judge ruled Tuesday that AT&T may purchase Time Warner, without any conditions, arguing that the $85 billion deal doesn’t violate antitrust law.
The six-week trial was a monumental win for corporate interests, likely clearing the way for other potential mergers like Disney and Fox, or T-Mobile and Sprint.
“A whole bunch of companies are all of a sudden going to get active,” Hal Vogel, CEO of Vogel Capital Management, told Fast Company. “The bankers have been romping around trying to figure out what they should do, if and when. Now that the decision is here, they’re going to move pretty quickly.”
AT&T argued that it needed Time Warner’s brands to survive in an increasingly competitive and consolidated media landscape.
“We look forward to closing the merger on or before June 20 so we can begin to give consumers video entertainment that is more affordable, mobile, and innovative,” AT&T General Counsel David McAtee said in a statement.
In November 2017, the Justice Department filed a lawsuit to stop the merger, saying it would bring less competition and higher prices.
Source: Gizmodo
Judge Richard Leon disagreed on all counts.
“The Government has failed to meet its burden of proof to show that the merger is likely to result in a substantial lessening of competition,” he wrote in his ruling. “If there ever were an antitrust case where the parties had a dramatically different assessment of the current state of the relevant market and a fundamentally different vision of its future development, this is the one.”
The Justice Department’s top antitrust official, Makan Delrahim, said the government was considering “next steps.”
“We continue to believe that the pay-TV market will be less competitive and less innovative as a result of the proposed merger between AT&T and Time Warner,” he said in a statement.
The ruling is significant because it ostensibly sets a precedent on vertical mergers, defined as the combination of two companies that produce the same product but at different stages of the production process.
“It’s open season for vertical mergers,” Chris Sagers, an antitrust law professor at the Cleveland-Marshall College of Law, told CNN Money. “The fact is that they’ve gotten a little easier, and we’ll see a big flurry of deals.”
One way the deal could hurt consumers is if AT&T decided that only subscribers to its services can access Time Warner content, like HBO shows and DC films. That might help AT&T-Time Warner keep customers from cutting ties with cable and flocking to Netflix, which has been preparing for this moment for years by producing a cache of in-house content, but some argue it will give the conglomerate more power to raise prices on content without providing better service, and render smaller streaming services less competitive.
While the ruling has spurred media executives and analysts to look into other high-profile mergers, Judge Leon cautioned against considering it a decisive precedent.
“...the temptation by some to view this decision as being something more than a resolution of this specific case should be resisted by one and all!”
Here are the companies AT&T acquired in the merger:
- HBO and Cinemax, as part of Home Box Office Inc.
- TBS, truTV, TNT, Studio T, and TCM, as part of Turner Entertainment Networks
- Adult Swim and Cartoon Network, as part of the TBS, Inc. Animation, Young Adults & Kids Media (AYAKM) division
- CNN and HLN, as part of CNN News Group
- The websites Super Deluxe, Beme Inc., and CallToons
- DC Entertainment
- DC Films, including all of the “Batman” movies
- Turner Broadcasting International
- Turner Sports, including the website Bleacher Report and the rights to March Madness and NBA playoffs
- The CW (50%)
- Warner Bros. Animation
- Hanna-Barbera Cartoons
- Fandango Media (30%)
- Warner Bros. Consumer Products
- Warner Bros. Digital Networks
- Warner Bros. Theatre Ventures
- Warner Bros. Pictures International
- Warner Bros. Museum
- Warner Bros. Studios, Burbank
- Warner Bros. Studios, Leavesden
- Warner Bros. Studio Tours
- Warner Bros. Pictures
- Warner Animation Group
- Warner Bros. Family Entertainment
- NonStop Television
- New Line Cinema
- Turner Entertainment Co.
- WaterTower Music
- Castle Rock Entertainment
- The Wolper Organization
- HOOQ
- Blue Ribbon Content
- Warner Bros. Television
- Warner Horizon Television
- Warner Bros. Television Distribution
- Warner Bros. International Television Production
- Telepictures
- Alloy Entertainment
- eleveneleven
- Warner Bros. Home Entertainment
- Warner Bros. Interactive Entertainment
AT&T had already controlled:
- Ameritech
- Ameritech Cellular
- Ameritech Interactive Media Services
- Ameritech Publishing
- AT&T Communications (2017)
- AT&T International
- AT&T Originals
- AT&T Alascom
- AT&T Business Internet
- AT&T CallVantage
- AT&T Computer Systems
- AT&T FSM Library
- AT&T GoPhone
- AT&T Information Systems
- AT&T Intellectual Property
- AT&T Intellectual Property I
- AT&T Labs
- AT&T Mexico
- AT&T Mobility
- AT&T Technologies
- AT&T Wireless Services
- BellSouth
- BellSouth Advertising & Publishing
- BellSouth Long Distance
- BellSouth Mobility DCS
- BellSouth Telecommunications
- Centennial Communications
- CenturyTel of the Midwest-Kendall
- Cricket Wireless
- Crunchyroll
- DirecTV
- Fullscreen (company)
- Illinois Bell
- Indiana Bell
- International Bell Telephone Company
- Michigan Bell
- Nevada Bell
- Ohio Bell
- Otter Media
- Pacific Bell
- Pacific Bell Directory
- Pacific Bell Wireless
- QLT Consumer Lease Services
- Rooster Teeth
- SBC Long Distance
- SBC Telecom
- Southwestern Bell
- Southwestern Bell Internet Services
- Southwestern Bell Mobile Systems
- Southwestern Bell Yellow Pages
- Unefón
- Univel
- Unix System Laboratories
- AT&T U-verse
- Wisconsin Bell
- Yellowpages.com
- YP Holdings
U.S. Navy ships
The U.S. Navy controls patents for some futuristic and outlandish technologies, some of which, dubbed "the UFO patents," came to light recently. Of particular note are inventions by the somewhat mysterious Dr. Salvatore Cezar Pais, whose tech claims to be able to "engineer reality." His slate of highly-ambitious, borderline sci-fi designs meant for use by the U.S. government range from gravitational wave generators and compact fusion reactors to next-gen hybrid aerospace-underwater crafts with revolutionary propulsion systems, and beyond.
Of course, the existence of patents does not mean these technologies have actually been created, but there is evidence that some demonstrations of operability have been successfully carried out. As investigated and reported by The War Zone, a possible reason why some of the patents may have been taken on by the Navy is that the Chinese military may also be developing similar advanced gadgets.
Among Dr. Pais's patents are designs, approved in 2018, for an aerospace-underwater craft of incredible speed and maneuverability. This cone-shaped vehicle can potentially fly just as well anywhere it may be, whether air, water or space, without leaving any heat signatures. It can achieve this by creating a quantum vacuum around itself with a very dense polarized energy field. This vacuum would allow it to repel any molecule the craft comes in contact with, no matter the medium. Manipulating "quantum field fluctuations in the local vacuum energy state," would help reduce the craft's inertia. The polarized vacuum would dramatically decrease any elemental resistance and lead to "extreme speeds," claims the paper.
Not only that, if the vacuum-creating technology can be engineered, we'd also be able to "engineer the fabric of our reality at the most fundamental level," states the patent. This would lead to major advancements in aerospace propulsion and generating power. Not to mention other reality-changing outcomes that come to mind.
Among Pais's other patents are inventions that stem from similar thinking, outlining pieces of technology necessary to make his creations come to fruition. His paper presented in 2019, titled "Room Temperature Superconducting System for Use on a Hybrid Aerospace Undersea Craft," proposes a system that can achieve superconductivity at room temperatures. This would become "a highly disruptive technology, capable of a total paradigm change in Science and Technology," conveys Pais.
High frequency gravitational wave generator.
Credit: Dr. Salvatore Pais
Another invention devised by Pais is an electromagnetic field generator that could generate "an impenetrable defensive shield to sea and land as well as space-based military and civilian assets." This shield could protect from threats like anti-ship ballistic missiles, cruise missiles that evade radar, coronal mass ejections, military satellites, and even asteroids.
Dr. Pais's ideas center around the phenomenon he dubbed "The Pais Effect". He referred to it in his writings as the "controlled motion of electrically charged matter (from solid to plasma) via accelerated spin and/or accelerated vibration under rapid (yet smooth) acceleration-deceleration-acceleration transients." In less jargon-heavy terms, Pais claims to have figured out how to spin electromagnetic fields in order to contain a fusion reaction – an accomplishment that would lead to a tremendous change in power consumption and an abundance of energy.
According to his bio in a recently published paper on a new Plasma Compression Fusion Device, which could transform energy production, Dr. Pais is a mechanical and aerospace engineer working at the Naval Air Warfare Center Aircraft Division (NAWCAD), which is headquartered in Patuxent River, Maryland. Holding a Ph.D. from Case Western Reserve University in Cleveland, Ohio, Pais was a NASA Research Fellow and worked with Northrop Grumman Aerospace Systems. His current Department of Defense work involves his "advanced knowledge of theory, analysis, and modern experimental and computational methods in aerodynamics, along with an understanding of air-vehicle and missile design, especially in the domain of hypersonic power plant and vehicle design." He also has expert knowledge of electrooptics, emerging quantum technologies (laser power generation in particular), high-energy electromagnetic field generation, and the "breakthrough field of room temperature superconductivity, as related to advanced field propulsion."
Suffice it to say, with such a list of research credentials that would make Nikola Tesla proud, Dr. Pais seems well-positioned to carry out groundbreaking work.
A craft using an inertial mass reduction device.
Credit: Salvatore Pais
The patents won't necessarily lead to these technologies ever seeing the light of day. The research has its share of detractors and nonbelievers among other scientists, who think the amount of energy required for the fields described by Pais and his ideas on electromagnetic propulsions are well beyond the scope of current tech and are nearly impossible. Yet investigators at The War Zone found comments from Navy officials that indicate the inventions are being looked at seriously enough, and some tests are taking place.
If you'd like to read through Pais's patents yourself, check them out here.
Laser Augmented Turbojet Propulsion System
Credit: Dr. Salvatore Pais
More than half of 18 to 25 year-olds in the workforce are considering quitting their job. And they're not the only ones.
In a report called The Next Great Disruption Is Hybrid Work – Are We Ready?, Microsoft found that as well as 54% of Generation Z workers, 41% of the entire global workforce could be considering handing in their resignation.
Similarly, a UK and Ireland survey found that 38% of employees were planning to leave their jobs in the next six months to a year, while a US survey reported that 42% of employees would quit if their company didn't offer remote working options long term.
New work trends
Based on surveys with over 30,000 workers in 31 countries, the Microsoft report – which is the latest in the company's annual Work Trend Index series – pulled in data from applications including Teams, Outlook and Office 365, to gauge productivity and activity levels. It highlighted seven major trends, which show the world of work has been profoundly reshaped by the pandemic:
- Flexible work is here to stay
- Leaders are out of touch with employees and need a wake-up call
- High productivity is masking an exhausted workforce
- Gen Z is at risk and will need to be re-energized
- Shrinking networks are endangering innovation
- Authenticity will spur productivity and wellbeing
- Talent is everywhere in a hybrid world
"Over the past year, no area has undergone more rapid transformation than the way we work," Microsoft CEO Satya Nadella says in the report. "Employee expectations are changing, and we will need to define productivity much more broadly – inclusive of collaboration, learning and wellbeing to drive career advancement for every worker, including frontline and knowledge workers, as well as for new graduates and those who are in the workforce today. All this needs to be done with flexibility in, when, where and how people work."
Organizations have become more siloed
While the report highlights the opportunities created by increased flexible and remote working patterns, it warns that some people are experiencing digital exhaustion and that remote working could foster siloed thinking. With the shift to remote working, much of the spontaneous sharing of ideas that can take place within a workplace was lost. In its place are scheduled calls, regular catch-ups and virtual hangouts. The loss of in-person interaction means individual team members are more likely to only interact with their closest coworkers.
"At the onset of the pandemic, our analysis shows interactions with our close networks at work increased while interactions with our distant network diminished," the report says. "This suggests that as we shifted into lockdown, we clung to our immediate teams for support and let our broader network fall to the wayside. Simply put, companies became more siloed than they were pre-pandemic."
Burnout or drop out
One of the other consequences of the shift to remote and the reliance on tech-based communications has been the phenomenon of digital burnout. And for those who have most recently joined the workforce, this has been a significant challenge.
The excitement of joining a new employer, maybe even securing a job for the first time, usually comes with meeting lots of new people, becoming familiar with a new environment and adapting to new situations. But for many, the pandemic turned that into a daily routine of working from home while isolated from co-workers.
"Our findings have shown that for Gen Z and people just starting in their careers, this has been a very disruptive time," says LinkedIn Senior Editor-at-Large, George Anders, quoted in the report. "It's very hard to find their footing since they're not experiencing the in-person onboarding, networking and training that they would have expected in a normal year."
But it is perhaps the data around quitting that is one of the starkest indications that change is now the new normal. Being able to work remotely has opened up new possibilities for many workers, the report found. If you no longer need to be physically present in an office, your employer could, theoretically, be located anywhere. Perhaps that's why the research found that "41% of employees are considering leaving their current employer this year".
In addition to that, 46% of the people surveyed for the Microsoft report said they might relocate their home because of the flexibility of remote working.
A hybrid future
In looking for ways to navigate their way through all this change, employers should hold fast to one word, the report says – hybrid. An inflexible, location-centred approach to work is likely to encourage those 41% of people to leave and find somewhere more to their tastes. Those who are thinking of going to live somewhere else, while maintaining their current job, might also find themselves thinking of quitting if their plans are scuppered.
But remote working is not a panacea for all workforce ills. "We can no longer rely solely on offices to collaborate, connect, and build social capital. But physical space will still be important," the report says. "We're social animals and we want to get together, bounce ideas off one another, and experience the energy of in-person events. Moving forward, office space needs to bridge the physical and digital worlds to meet the unique needs of every team – and even specific roles."
Bosses must meet challenges head on
Although the majority of business leaders have indicated they will incorporate elements of the hybrid working model, the report also found many are out of touch with workforce concerns more widely.
For, while many workers say they are struggling (Gen Z – 60%; new starters – 64%), and 54% of the general workforce feels overworked, business leaders are having a much better experience. Some 61% said they were 'thriving', which is in stark contrast to employees who are further down the chain of command.
Jared Spataro, corporate vice president at Microsoft 365, writes in the report: "Those impromptu encounters at the office help keep leaders honest. With remote work, there are fewer chances to ask employees, 'Hey, how are you?' and then pick up on important cues as they respond. But the data is clear: our people are struggling. And we need to find new ways to help them."
Reprinted with permission of the World Economic Forum. Read the original article.
