Latest news with #GailSlater
Yahoo
6 days ago
- Business
- Yahoo
Top Trump administration antitrust official faces criticism over approach, sources say
Washington — Internal friction with the Justice Department team that fights monopolies has led to private conversations in the Trump administration about whether to push out some staff in the antitrust division or to work to smooth out the issues, according to multiple sources familiar with the situation. Gail Slater, who in March took charge of lawsuits against Capital One, Apple, Google and other major companies as head of the Justice Department's antitrust division, still has support from some top officials in the administration, but she and some on her team have been a target of criticism from colleagues and business leaders, sources inside and outside the administration told CBS News. Slater was asked to come to a meeting at the White House on Thursday with other high-level administration officials, two of the sources said. The gathering, expected to focus on mergers policy, will include the Office of Budget and Management, the National Economic Council and the Federal Trade Commission. There has been friction over the handling of investigations into T-Mobile, Hewlett Packard Enterprise and others, sources said. The antitrust division is one of two agencies that protects competition in markets by enforcing the antitrust laws that regulate mergers and business practices that harm consumers. Slater, who entered her role in high regard in both MAGA circles and among left-leaning watchdogs, hasn't adopted a block-every-merger approach. But some Trump officials have vented that it has taken a substantial amount of internal push-and-pull to land on decisions to reach deals that resolve merger issues, three of the sources said. Questions have risen inside the NEC, FTC, Federal Communications Commission and in other corners of the administration about whether President Trump's policies are Slater's priority, or whether she's forging her own policy agenda, the sources said. Slater has also told companies not to try to engage with the administration via Trump-aligned lobbyists and consultants, several sources said. Frustration with that tack led business leaders to reach out to White House officials wondering why they were being told who they can hire, two sources said. Sources said in one meeting between antitrust officials, Hewlett Packard Enterprise and a software company it was seeking to acquire, Juniper Networks, Slater told the business parties they should only work directly with Justice Department officials, not through outside consultants. HPE's consultants included Trump allies Mike Davis and Arthur Schwartz, who weren't in the room. Attorney General Pam Bondi and her deputies are aware of some administration officials' tension with the antitrust division, sources said. The Justice Department sued to stop Hewlett Packard Enterprise from buying Juniper in January, and the two sides settled the lawsuit in June, paving the way for the acquisition to close. But multiple sources said Bondi's chief of staff, Chad Mizelle, had to overrule Slater to accept a Hewlett Packard/Juniper offer, which DOJ officials were confident was a better deal than what the government could've gotten at trial. Some administration officials defended Slater as deeply principled and laudably untrusting of well-connected Trump allies who want to influence the outcome of confidential legal matters. One source said Slater has repeatedly noted that she was confirmed by the Senate with 78 votes, more than almost any other Trump official other than Secretary of State Marco Rubio — a validation that she's well qualified for the role. "Gail is a long-time friend and fellow seasoned antitrust lawyer," FTC Commissioner Mark Meador told CBS News in a statement. "She's been a fantastic partner as FTC and DOJ work together to fulfill our shared mission." Some of Slater's supporters noted that unlike the Biden administration, which used as much time as it could statutorily to conduct investigations, Slater and her team have voluntarily closed investigations in a shorter window dozens of times. And she has diverged from the Biden antitrust team's approach in other ways, another source said. The Biden team, for example, was going to recommend blocking a merger of Capital One and Discover, and Slater allowed it to go through. Son of man who was violently detained by ICE reacts after release Mike Johnson breaks from Trump, calls on DOJ to release Epstein files 7.3 magnitude earthquake hits southern Alaska
CBS News
6 days ago
- Business
- CBS News
Tension over antitrust division crops up inside Trump administration, sources say
Washington — Internal friction with the Justice Department team that fights monopolies has led to private conversations in the Trump administration about whether to push out some staff in the antitrust division or to work to smooth out the issues, according to multiple sources familiar with the situation. Gail Slater, who in March took charge of lawsuits against Capital One, Apple, Google and other major companies as head of the Justice Department's antitrust division, still has support from some top officials in the administration, but she and some on her team have been a target of criticism from colleagues and business leaders, sources inside and outside the administration told CBS News. Slater was asked to come to a meeting at the White House on Thursday with other high-level administration officials, two of the sources said. The gathering, expected to focus on mergers policy, will include the Office of Budget and Management, the National Economic Council and the Federal Trade Commission. There has been friction over the handling of investigations into T-Mobile, Hewlett Packard Enterprise and others, sources said. The antitrust division is one of two agencies that protects competition in markets by enforcing the antitrust laws that regulate mergers and business practices that harm consumers. Slater, who entered her role in high regard in both MAGA circles and among left-leaning watchdogs, hasn't adopted a block-every-merger approach. But some Trump officials have vented that it has taken a substantial amount of internal push-and-pull to land on decisions to reach deals that resolve merger issues, three of the sources said. Questions have risen inside the NEC, FTC, Federal Communications Commission and in other corners of the administration about whether President Trump's policies are Slater's priority, or whether she's forging her own policy agenda, the sources said. Slater has also told companies not to try to engage with the administration via Trump-aligned lobbyists and consultants, several sources said. Frustration with that tack led business leaders to reach out to White House officials wondering why they were being told who they can hire, two sources said. Sources said in one meeting between antitrust officials, Hewlett Packard Enterprise and a software company it was seeking to acquire, Juniper Networks, Slater told the business parties they should only work directly with Justice Department officials, not through outside consultants. HPE's consultants included Trump allies Mike Davis and Arthur Schwartz, who weren't in the room. Attorney General Pam Bondi and her deputies are aware of some administration officials' tension with the antitrust division, sources said. The Justice Department sued to stop Hewlett Packard Enterprise from buying Juniper in January, and the two sides settled the lawsuit in June, paving the way for the acquisition to close. But multiple sources said Bondi's chief of staff, Chad Mizelle, had to overrule Slater to accept a Hewlett Packard/Juniper offer, which DOJ officials were confident was a better deal than what the government could've gotten at trial. Some administration officials defended Slater as deeply principled and laudably untrusting of well-connected Trump allies who want to influence the outcome of confidential legal matters. One source said Slater has repeatedly noted that she was confirmed by the Senate with 78 votes, more than almost any other Trump official other than Secretary of State Marco Rubio — a validation that she's well qualified for the role. "Gail is a long-time friend and fellow seasoned antitrust lawyer," FTC Commissioner Mark Meador told CBS News in a statement. "She's been a fantastic partner as FTC and DOJ work together to fulfill our shared mission." Some of Slater's supporters noted that unlike the Biden administration, which used as much time as it could statutorily to conduct investigations, Slater and her team have voluntarily closed investigations in a shorter window dozens of times. And she has diverged from the Biden antitrust team's approach in other ways, another source said. The Biden team, for example, was going to recommend blocking a merger of Capital One and Discover, and Slater allowed it to go through.
Business Insider
11-07-2025
- Business
- Business Insider
T-Mobile's (TMUS) $4.4B Acquisition of U.S. Cellular Gets DOJ's Blessing
T-Mobile's (TMUS) $4.4 billion acquisition of U.S. Cellular (USM) has been officially cleared by the Department of Justice (DOJ). The regulator said that its antitrust division will not seek an injunction to block the deal. This removes a key regulatory hurdle and allows the deal to move forward. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Gail Slater, head of the DOJ's antitrust division, stated that U.S. Cellular's struggles to maintain its competitive position could hurt its customers. Thus, with T-Mobile taking over, those users may get better service from a stronger network. This marks another step in the ongoing consolidation of the U.S. wireless market, where Verizon (VZ), AT&T (T), and T-Mobile now control over 90% of mobile subscriptions. While there are concerns that the deal could limit consumer choice, the DOJ is focused on improving network quality. TMUS Drops DEI Programs It must be highlighted that the approval comes after T-Mobile ended its diversity, equity, and inclusion (DEI) programs. The company told the FCC it removed all DEI-related content and reassigned staff, aiming to align with shifting federal priorities. With this move, TMUS seeks regulatory approval for its U.S. Cellular acquisition and a $4.9 billion joint venture with KKR (KKR) to acquire Metronet, an internet provider with fiber reach to over two million homes. Another Regulatory Approval Pending The deal was initially announced in May 2024. This acquisition is likely to bolster T-Mobile's market presence by bringing in over four million new customers and help secure key spectrum rights to enhance its data transmission capabilities. With DOJ approval secured, the deal now awaits final clearance from the Federal Communications Commission (FCC), which is reviewing the transaction's impact on spectrum ownership and national security. What Is the Price Target for TMUS? Turning to Wall Street, analysts have a Moderate Buy consensus rating on TMUS stock based on nine Buys, seven Holds, and one Sell assigned in the past three months. The average T-Mobile stock price target is $262.41, implying an upside potential of 15.02%.
Yahoo
10-07-2025
- Business
- Yahoo
Justice Department Won't Try To Block T-Mobile's Acquisition Of U.S. Cellular
The Justice Department won't try to block T-Mobile's acquisition of U.S. Cellular, but the chief of the Antitrust Division is warning of industry concentration. Gail Slater, assistant attorney general, said in a statement that the Antitrust Division 'evaluated the likelihood of harm to competition and the potential effects of the transaction on consumers and determined that, on balance, the potential harm and offsetting benefits of the transaction do not warrant an enforcement action. UScellular's inability to maintain its competitive position would result in declining value to its subscriber base, whereas the transaction offers them hope that they will be able to experience the benefits of a more robust cellular network.' More from Deadline Judge Rules Don Lemon Can Proceed With Claims In Lawsuit Against Elon Musk's X CNN Defends Report On FEMA's Slowed Response To Texas Floods Amid Attacks From Trump's Department Of Homeland Security T-Mobile To End DEI Programs As It Seeks FCC Regulatory Approval Of Transactions But Slater also warned of concentration in the industry, with three major players T-Mobile, Verizon and AT&T. 'This transaction, and two other deals contingent on its closing, will consolidate yet more spectrum in the Big 3's oligopoly, which controls more than 80 percent of the mobile wireless spectrum in the country,' she said. 'The Department investigated these spectrum transfers and concluded that they would not result in sufficient harm to competition to warrant an enforcement action, yet the risks to future competition due to further spectrum aggregation by the Big 3 are acute.' The $4.4 billion transaction was announced in May, 2024, with T-Mobile acquiring U.S. Cellular's wireless operations, including customers, stores and spectrum. T-Mobile is awaiting the FCC's greenlight for the transaction. Earlier this week, the company informed FCC Chairman Brendan Carr that it was ending its diversity, equity and inclusion programs. Carr had previously said that he would seek to block mergers and major transactions of companies that have DEI policies, which he has claimed are 'invidious' forms of discrimination. Best of Deadline 'The Buccaneers' Season 2 Release Schedule: When Do New Episodes Come Out? 'The Buccaneers' Season 2 Soundtrack: From Griff To Sabrina Carpenter 2025 TV Series Renewals: Photo Gallery
Reuters
10-07-2025
- Business
- Reuters
Justice Department to allow T-Mobile's $4.4 billion acquisition of UScellular
WASHINGTON, July 10 (Reuters) - U.S. antitrust enforcers greenlit T-Mobile's (TMUS.O), opens new tab $4.4 billion acquisition of UScellular (USM.N), opens new tab on Thursday, the latest deal blessed by the Trump administration as it takes a softer approach to corporate consolidation than its predecessor. The U.S. Department of Justice's antitrust division said it was closing its investigation without seeking to block the deal announced in May 2024 for T-Mobile to take over UScellular's wireless operations including customers, stores and 30% of its spectrum assets. The announcement came a day after T-Mobile US said it was ending its diversity, equity and inclusion programs, under pressure from the Trump administration as it sought regulatory clearance for this deal and Federal Communications Commission approval to establish a joint venture with (KKR.N), opens new tab to acquire internet service provider Metronet. In trading after the market close, T-Mobile shares edged higher and US Cellular traded up 2%. Gail Slater, head of the Justice Department's antitrust division, said in a statement that customers would be better off with T-Mobile. "UScellular simply could not keep up with the escalating cost of capital investments in technology required to compete vigorously in the relevant market. This would, in turn, lead to the slow degradation of its network quality," she said. The Justice Department's investigation did not show evidence of harms to competition that would warrant suing to block the deal, Slater said. But she added the transaction and two others tied to it would "consolidate yet more spectrum in the Big 3's oligopoly, which controls more than 80 percent of the mobile wireless spectrum in the country," referring to Verizon (VZ.N), opens new tab, AT&T (T.N), opens new tab, and T-Mobile. "The risks to future competition due to further spectrum aggregation by the Big 3 are acute," she said. Spokespeople for T-Mobile and UScellular did not immediately respond to requests for comment. Under President Donald Trump's administration, antitrust enforcers have cleared the way for several multibillion-dollar deals, replacing his predecessor Joe Biden's tough stance on corporate consolidation with a willingness to settle with companies and truncate waiting periods. The Justice Department and the U.S. Federal Trade Commission cleared three deals that were together worth $63 billion in June, illustrating how Slater and Andrew Ferguson, her Federal Trade Commission counterpart, are taking a different tack from their predecessors. Among those deals was a settlement allowing Hewlett Packard Enterprise's (HPE.N), opens new tab $14 billion deal to acquire networking gear maker Juniper Networks, which the Justice Department had sued to block shortly after Trump took office. Hewlett Packard Enterprise started negotiating its settlement with the Justice Department on March 25, around two weeks after Slater was sworn in, according to court papers.
