|
Title: **Justice Department sues to block AT&T takeover of T-Mobile** Post by: Coach Hank Crisp on August 31, 2011, 05:39:45 PM http://www.latimes.com/business/la-fi-att-justice31,0,1799418.story
ATT wants to buy T-Mobile because it has a true 4G network. Quote The Justice Department is seeking to block AT&T Inc.'s $39-billion plan to buy T-Mobile USA Inc., claiming that combining the two wireless giants could stymie competition and innovation. The agency filed a civil antitrust lawsuit Wednesday morning in federal court in Washington that would prevent AT&T, which has the second most subscribers in the country, from acquiring fourth-largest T-Mobile. Earlier in the day, AT&T announced that it would repatriate 5,000 call-center jobs to the United States that had been outsourced overseas if the takeover of T-Mobile goes through. "At a time when many Americans are struggling and our economy faces significant challenges, we're pleased the T-Mobile merger allows us to bring 5,000 jobs back to the United States and significantly increase our investment here," said Randall Stephenson, AT&T chairman and chief executive. Stephenson's statement was applauded by labor union leaders. "Cuts in wages, benefits and jobs have become the new normal in America, so that when a company like AT&T takes action to bring back quality jobs, it's big news," said Larry Cohen, president of the Communications Workers of America union. |