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Convincing the politicians and regulators. | :00:00. | :00:15. | |
AT's plan to take over Time Warner is challenged. | :00:16. | :00:21. | |
And as China's Communist Party annual gathering gets under way, | :00:22. | :00:24. | |
can the country evolve from exports and heavy industry to growth | :00:25. | :00:28. | |
It's the biggest media deal in years. | :00:29. | :00:44. | |
The American telecoms company AT will today file for regulatory | :00:45. | :00:46. | |
the media and entertainment giant Time Warner. | :00:47. | :00:52. | |
The US telecoms giant will buy entertainment the group | :00:53. | :00:54. | |
For that much money you could buy Manchester United | :00:55. | :01:04. | |
football club 43 times over, Yahoo 18 times over | :01:05. | :01:06. | |
and even Twitter six and a half times over. | :01:07. | :01:11. | |
AT has 141.8 million wireless customers and 25 million TV | :01:12. | :01:20. | |
subscribers, making it the largest pay TV provider in the US. | :01:21. | :01:25. | |
The deal will allow AT to combine its formidable | :01:26. | :01:29. | |
distribution network with Time Warner content including | :01:30. | :01:32. | |
everything from fan favourite Game of Thrones to NBA basketball rights, | :01:33. | :01:35. | |
But some critics have warned that this deal concentrates too | :01:36. | :01:44. | |
A spokesman for Democratic presidential candidate | :01:45. | :01:48. | |
Hillary Clinton said there were a number of questions | :01:49. | :01:51. | |
and concerns about the deal that regulators needed to scrutinise. | :01:52. | :01:56. | |
Republican candidate Donald Trump has said | :01:57. | :01:58. | |
that he would block the merger if he wins. | :01:59. | :02:05. | |
As an example of the power structure I'm fighting, AT is buying Time | :02:06. | :02:14. | |
Warner and thus CNN, a deal we will not approve in my administration | :02:15. | :02:17. | |
because it's too much concentration of power in the hands of too few. | :02:18. | :02:21. | |
Frank Biondi is a former Chief Executive of Viacom, | :02:22. | :02:24. | |
Good morning, Frank. Or good evening as the case may be for you. Give us | :02:25. | :02:40. | |
your take on this megamerger. Will it ever get through given what it | :02:41. | :02:44. | |
combines? I think it will. I think this is | :02:45. | :02:52. | |
really the second deal, Comcast NBC being the first where a distributor | :02:53. | :02:56. | |
recognises that owning a captive source of high-quality programming | :02:57. | :03:00. | |
is really going to be the key in the future where there's going to be | :03:01. | :03:04. | |
multiple distribution outlets. I think you'll see a similar as | :03:05. | :03:10. | |
Comcast got and a very similar set of caveats that are built in they | :03:11. | :03:16. | |
will have to agree to that will expire in three to five years. There | :03:17. | :03:21. | |
will be some changes and the lawyers will have to work hard on behalf of | :03:22. | :03:26. | |
AT and Time Warner. In terms of what it means for their customers, | :03:27. | :03:31. | |
does it mean less choice for them and perhaps higher prices, which is | :03:32. | :03:35. | |
what some are warning? I don't think so. In your intro you | :03:36. | :03:42. | |
said they would have access to Game of Thrones and NBA basketball, AT | :03:43. | :03:48. | |
customers already have that under licenses they have with Time | :03:49. | :03:54. | |
Warner... Through their HBO license and their basic cable service | :03:55. | :03:59. | |
licences. I think this is just about having access to the creative | :04:00. | :04:07. | |
community and if you want to create programming exclusive to your | :04:08. | :04:10. | |
distribution channels then you can. But that doesn't mean you won't try | :04:11. | :04:15. | |
to buy or create it with third parties as well. But there's a risk | :04:16. | :04:20. | |
having all this money invested distribution were suddenly you're | :04:21. | :04:26. | |
the last man and then you don't really control your own programming | :04:27. | :04:30. | |
destiny. That's what's driving it I think. So you're saying the concern | :04:31. | :04:35. | |
is more for the media industry as opposed to the user at home who is | :04:36. | :04:40. | |
deciding which package to go with? I think so. I think there will be more | :04:41. | :04:46. | |
of what we call small bundles being offered by distributors that haven't | :04:47. | :04:51. | |
even been born yet and some of the Time Warner programming will find | :04:52. | :04:54. | |
its way into that if it makes economic sense. None of this strikes | :04:55. | :05:00. | |
me as violating traditional US anti-trust law. It is not vertical | :05:01. | :05:05. | |
integration or horizontal integration, it is the most basic | :05:06. | :05:10. | |
kind of vertical integration in the sense that you are getting control | :05:11. | :05:14. | |
of the small portion of a universe that ultimately will be the key to | :05:15. | :05:19. | |
the future in digital distribution. If you are an AT customer, is it | :05:20. | :05:26. | |
not the temptation on the part of AT/ Time Warner, whatever the | :05:27. | :05:30. | |
final company name will be, to highlight their own content as it | :05:31. | :05:34. | |
were as opposed to other content on the bundle, does that make sense? So | :05:35. | :05:40. | |
they really highlight the things like Game of Thrones, CNN as opposed | :05:41. | :05:45. | |
to other news channels you could get through the package as well. Does | :05:46. | :05:51. | |
that make sense? It sounds devious and threatening but for practical | :05:52. | :05:54. | |
purposes I don't see how you would do that. AT through DirectTV | :05:55. | :06:06. | |
already have it. I think that's pretty remote. It is conceivable but | :06:07. | :06:10. | |
that's not something I would lose a lot of sleep over. We will let you | :06:11. | :06:15. | |
get some sleep now. Frank, thanks for your time. We appreciate your | :06:16. | :06:19. | |
insight into this story. Very interesting. We will keep you across | :06:20. | :06:24. | |
every twist and turn on that one to see if they get down the aisle, | :06:25. | :06:28. | |
those two companies, as they look to marry as it were. | :06:29. | :06:31. | |
of the leaders of China's Communist Party. | :06:32. | :06:35. | |
The meeting, in a heavily guarded hotel in Beijing, | :06:36. | :06:37. | |
is only open to a few members of the state news media. | :06:38. | :06:41. | |
As well as endorsing the leadership's policy plans | :06:42. | :06:43. | |
and key personnel appointments, they'll also be talking | :06:44. | :06:45. | |
After the slowest growth in 25 years it's begining to perk-up again | :06:46. | :06:49. | |
over the last three successive quarters it's grown | :06:50. | :06:52. | |
But there are still big concerns about the country's long-term | :06:53. | :06:58. | |
economic performance and what effect that might | :06:59. | :07:03. | |
have for the rest of the world. | :07:04. | :07:05. | |
With me is Jinny Yan, Chief China Economist, | :07:06. | :07:07. | |
China Markets Strategy, ICBC Standard Bank. | :07:08. | :07:11. | |
Nice to see you as ever. Give us your take on what we may get out of | :07:12. | :07:19. | |
this meeting. Will we hear any new policy in terms of the economy? It's | :07:20. | :07:25. | |
not really about setting economic policy. The more important economic | :07:26. | :07:30. | |
meeting is at the end of the year. This is really about consolidation | :07:31. | :07:33. | |
of power for the party, talking about party discipline and also you | :07:34. | :07:40. | |
will hear the term institutionalisation of the | :07:41. | :07:42. | |
anticorruption campaign. Political stability of course underpins | :07:43. | :07:47. | |
economic stability and that's why this meeting is important for the | :07:48. | :07:51. | |
economy as well. We're coming to the end of the year and it's | :07:52. | :07:54. | |
interesting, at the beginning of this year it was all about the risks | :07:55. | :07:58. | |
China poses to the global economy. But as we've gone through this year, | :07:59. | :08:02. | |
other issues like Brexit and the US election and other things have taken | :08:03. | :08:07. | |
precedence and China has gone on the backburner a little bit. How has | :08:08. | :08:11. | |
this year been for China and also for the rest of us as a global | :08:12. | :08:17. | |
economy, what are we looking ahead to now as far as China is concerned? | :08:18. | :08:21. | |
This year the hard landing people feared in China has been averted it | :08:22. | :08:24. | |
looks like, so things are very stable in China. Of course it came | :08:25. | :08:29. | |
at the cost of perhaps more credit pumping by China, some of the | :08:30. | :08:32. | |
traditional things we see China doing whenever growth is a little | :08:33. | :08:37. | |
bit wobbly. Of course the housing market also leveraging up, so more | :08:38. | :08:43. | |
debt in China. So all of this growth and stabilisation growth is coming | :08:44. | :08:47. | |
at a cost, and also perhaps more reforms are now being slowed. For | :08:48. | :08:54. | |
the rest of the world it does mean, however, that we will see that China | :08:55. | :08:58. | |
will continue to grow perhaps next year and create more jobs, and that | :08:59. | :09:01. | |
really is fundamental. Jinny, we will talk to you again in the future | :09:02. | :09:06. | |
I know about how China is doing. For the moment, thank you very much. | :09:07. | :09:07. | |
Microsoft has said it will be increasing pricing for its volume | :09:08. | :09:11. | |
licensing enterprise software and cloud services, | :09:12. | :09:13. | |
in the UK in the wake of the sterling's plunge | :09:14. | :09:15. | |
The price increase, from January 1st, 2017, | :09:16. | :09:26. | |
software and 22% for its enterprise cloud services. | :09:27. | :09:30. | |
Pricing changes will not apply to consumer software | :09:31. | :09:33. | |
The head of the Belgian region of Wallonia has rejected | :09:34. | :09:43. | |
what he calls an ultimatum from Brussels for him to back the EU | :09:44. | :09:46. | |
The EU said Thursday's planned summit with Canada could only go | :09:47. | :09:50. | |
ahead if the Walloon administration guaranteed by Monday evening that it | :09:51. | :09:53. | |
wouldn't stop Belgium from signing the agreement. | :09:54. | :09:59. | |
Wallonia has expressed concern that the deal known as CETA | :10:00. | :10:03. | |
could allow southern Belgium to be flooded with products | :10:04. | :10:05. | |
Let's have a quick look at financial markets. | :10:06. | :10:16. | |
You can look at how the trading week is progressing. Fairly steady, no | :10:17. | :10:23. | |
strong gains or losses for Japan, Hong Kong and elsewhere. That's how | :10:24. | :10:27. | |
things are progressing so far as we start a brand-new trading week. | :10:28. | :10:30. | |
That's all from me for now. I will see you in a few minutes as we look | :10:31. | :10:37. | |
at the other stories from the papers. | :10:38. | :10:40. | |
Leaders of the medical profession have listed 40 treatments | :10:41. | :10:48. | |
and procedures which they are say offer little or no benefit | :10:49. | :10:52. |