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EU approves proposed AT&T purchase of Time Warner

BRUSSELS (AP) — The European Union has given its blessing to AT&T's proposed $85 billion purchase of Time Warner, saying that it raises no competition concerns in Europe.

The EU's executive Commission said Wednesday that there are no overlaps between the companies' activities in the European Economic Area, which includes the 28-nation EU and three other countries.

It noted that while AT&T is active in global telecommunications and digital entertainment, it only provides telecommunications services to business customers in the EEA.

The deal still needs approval from U.S. regulators. It would bind the second-largest U.S. wireless carrier with a media and entertainment conglomerate that owns CNN, HBO, the "Harry Potter" franchise and pro basketball.