Federal Judge Richard Leon approved of the $85 billion acquisition of Time Warner by AT&T. The vertical merger had many enamored by the potential deal, one which rarely confronts antitrust regulators. Since the approval, Time Warner's stock shot up 5% ($101) with AT&T stock down roughly 2% ($33).

The landmark acquisition may also be setting the stage for another major merger with Comcast setting its sights on Twenty-First Century Fox. Judge Leon's decision gives Comcast the green light to pursue a merger and considering the precedence set by Leon.