AT&T’s sweeping court victory allowing its takeover of Time Warner delivers a sharp setback to the Justice Department’s new approach to policing mergers under President Donald Trump and promises to spark a merger wave across industries. The federal judge’s decision raises the bar for the government’s ability to challenge deals between companies that don’t compete directly. That opens a pathway for firms contemplating such deals, especially in media where distributors are racing to acquire content companies. Comcast is expected to be the first out of the gate, making a formal offer for 21st Century Fox assets as early as Wednesday, according to a person with knowledge of the matter who asked not to be identified because the details are private. At issue for Comcast and other companies is how antitrust enforcers will approach so-called vertical deals that unite companies operating in different parts of a supply chain rather than direct competitors.
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