AT&T’s takeover of Time Warner is being challenged again by the Department of Justice — a move that will renew the government’s fight against the deal. AT&T closed its acquisition of Time Warner on June 14, two days after U.S. District Judge Richard Leon ruled in favor of the merger. Observers give the DOJ’s appeal low odds, but think it could have an impact on Comcast’s bid for Fox’s assets by underscoring the regulatory risk in that potential deal. [David McLaughlin and Andrew Harris / Bloomberg]
Recode Daily: The U.S. is trying to stop the AT&T/Time Warner deal again
Plus, for the first time, Netflix tops HBO in Primetime Emmy nominations; Lady Gaga’s fashion startup has Silicon Valley backing; the World Cup is a victory for the immigrant dream.
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Voting along party lines, the Federal Communications Commission overhauled its rules for processing online consumer complaints. FCC Chairman Ajit Pai said the changes were made to “streamline” the agency’s rulebook, but Democratic Commissioner Jessica Rosenworcel and congressional Democrats said the change will make the agency less responsive to complaints. [Brian Fung / The Washington Post]
For the first time in Emmy history, Netflix overthrew HBO as the most-nominated programmer; the streaming service drew 112 Primetime Emmy Award nominations, up from 91 last year. HBO’s “Game of Thrones” received 22 nominations, more than any other show. Hulu’s “The Handmaid’s Tale” followed with 20 nominations. Here’s a list of all the 2018 nominees. [Daniel Holloway / Variety]
Lady Gaga is working on a new beauty startup — and it already has Silicon Valley funding. Currently in “stealth mode,” the pop superstar’s startup, called Haus Beauty, doesn’t yet have customers, but it is being backed by Lightspeed Venture Partners, the VC behind Snap, Stitch Fix and Honest Company. The investment comes at a time when other global female stars have turned their celebrity into product riches: Kylie Jenner is worth an estimated $900 million after spending the last three years hawking her Kylie Cosmetics makeup line to more than 100 million followers across Instagram and Snapchat. [Jason Del Rey / Recode]
Apple, Amazon, Alphabet and Microsoft are the four legitimate contenders to be the first to reach a trillion dollar market capitalization. But odds are good that today’s giants won’t be tomorrow’s giants. While many think there will be growing competition or wars between today’s giants, the competition will instead come from other directions, including new entrants possessing dramatically different business models and processes. [Neil Cybart / Above Avalon]
Is this the year of the music IPO? For the first time in years, there’s tangible optimism in the music business, and some leading music tech companies are taking that optimism to Wall Street. Are we in a music bull market? [Matty Karas / Redef]
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