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Wall Street flat, media stocks jump after AT&T ruling

Reuters 

By Sruthi Shankar(Reuters) - U.S. stocks were flat on Wednesday ahead of the Federal Reserve's policy announcement, while media shares got a boost from a court approval for AT&T's $85 billion takeover of Time Warner.Shares of the HBO channel owner jumped 3.6 percent after the approval, which is expected to trigger a wave of corporate mergers. AT&T dropped 3.8 percent and weighed the most on the S&P telecoms index, which fell 2.6 percent.Twenty-First Century Fox surged 7.8 percent as Comcast Corp is expected to outbid Disney for some of its assets. "(The ruling) sounds like it opened the door ...

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First Published: Wed, June 13 2018. 19:43 IST
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