AT&T
The merger between AT&T and Time Warner will conclude following a ruling by a federal appeals judge on Tuesday. AT&T unveiled a mega-deal for Time Warner that would transform the telecom giant into a media-entertainment powerhouse positioned for a sector facing major technology changes. The stock-and-cash deal is valued at $108.7 billion including debt, and gives a value of $84.5 billion to Time Warner -- a major name in the sector that includes the Warner Bros. studios in Hollywood and an array of TV assets such as HBO and CNN. Getty Images/KENA BETANCUR

The $84.5 billion merger between AT&T (T) and Time Warner will move forward after a ruling made by a federal appeals judge on Tuesday.

While the merger was deemed legal by a district court judge back in June, the Department of Justice (DOJ) contended that it would reduce competition in the pay-TV marketplace.

The DOJ voiced concerns over the deal that AT&T through the ownership of Time Warner, would charge more for content, which would come at a cost for consumers, CNBC reported. The DOJ then appealed the lower court’s ruling in July, following the closure of the merger between the two companies.

Left at a standstill, the new decision by the federal appeals judge moves the merger forward after years of legal woes. The 15-month ordeal to block the merger came to an end with a three-judge panel saying the government’s arguments were “unimpressive.”

David McAtee , AT&T general counsel, said in a statement, "The merger of these innovative companies has already yielded significant consumer benefits, and it will continue to do so for years to come.

“While we respect the important role that the U.S. Department of Justice plays in the merger review process, we trust that today's unanimous decision from the D.C. Circuit will end this litigation," he added.

The DOJ has seven days in which to request a review of the appeal order or to seek a rehearing.

Shares of AT&T stock were up 0.47 percent as of 2:53 p.m. ET on Tuesday.

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