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Time Warner shares were trading some 20 percent below the implied value of AT&T's $107.50 per share cash and stock offer, indicating investor doubts that the companies would be able to complete the transaction. The deal, announced on Saturday, would give AT&T control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted assets and reshape the media landscape. Dallas-based AT&T said on Saturday it would need approval of the U.S. Justice Department and the companies were determining which Time Warner U.S. Federal Communications Commission licenses, if any, would need to transfer to AT&T. Any such transfers would require FCC approval.
NEW YORK (AP) — New York Jets quarterback Geno Smith has a torn anterior cruciate ligament in his right knee and is seeking a second opinion on the injury that would end his season — and likely his time with the team that drafted him.