Wall Street Flat Media Stocks Jump After Atampt Ruling


– 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 (TWX.N) jumped 3.6 percent after the approval, which is expected to trigger a wave of corporate mergers. AT&T (T.N) dropped 3.8 percent and weighed the most on the S&P telecoms index .SPLRCL, which fell 2.6 percent.

Twenty-First Century Fox (FOXA.O) surged 7.8 percent as Comcast Corp (CMCSA.O) is expected to outbid Disney (DIS.N) for some of its assets.

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