The European Commission, the executive body of the European Union, has approved AT&T's (T) pending acquisition of Time Warner (TWX).

"We appreciate the skilled work of the European Commission's team for their timely effort to analyze and clear the AT&T-Time Warner merger," said Bob Quinn, senior executive vice president, AT&T External and Legislative Affairs.

"This is an important approval from a highly respected authority. The global clearance process is on track, and we look forward to creating a company that will lead the next wave of innovation in the media and telecommunications industries."