Randall Stephenson, chairman and chief executive officer of AT&T Inc., right, speaks with Jeffrey 'Jeff' Bewkes, chairman and chief executive officer of Time Warner Inc.

Check out the companies making headlines after the bell on Tuesday:

Shares of Time Warner surged more than 4 percent in extended trading, after a federal judge approved a proposed takeover by AT&T. U.S. District Court Judge Richard Leon imposed no conditions on the $85.4 billion deal, which the U.S. Department of Justice sued to block last year. Shares of AT&T dipped nearly 3 percent after the announcement.

The decision could have wide-ranging effects for the telecommunications industry. Now that the deal has been approved, Comcast is expected to formalizes a bid to acquire most of Twenty-First Century Fox on Wednesday. Shares of 21st Century Fox surged more than 7 percent, while Comcast fell by 3.4 percent.

A number of other telecommunications and entertainment stocks also moved following the announcement. Shares of mass media company Discovery gained 4 percent. DISH Network stock gained nearly 3 percent. Viacom gained more than 3 percent on the news. Even Lions Gate stock surged more than 7 percent. Lions Gate owns Starz, a premium network which decried the attempted merger for its potential to push customers to HBO, Reuters reported.

H&R Block shares plunged nearly 20 percent in extended trading, despite the tax preparation company's beat on first quarter earnings and revenue. H&R Block reported $5.43 EPS on revenue of $2.39 billion. Analysts were expecting earnings of $5.27 per share on $2.34 billion in revenue. The company also approved a 4 percent quarterly dividend increase to 25 cents per share.

Shares of Oxford Industries dropped more than 7 percent in after hours trading. The high-end apparel company, which owns such brands as Tommy Bahama and Lilly Pulitzer, reported first quarter financial results that disappointed investors. Oxford Industries beat expectations on earnings, but missed on revenue and reported weaker than anticipated second quarter guidance, the Associated Press reported.

Pivotal Software stock gained more than 5 percent in the extended session, after the software as a service company reported first quarter earnings and revenue that exceeded Wall Street expectations. Pivotal reported a first quarter loss of 10 cents on revenue of $155.7 million, versus the 13-cent loss per share on $140.4 million in revenue that analysts expected. Pivotal also projected strong second quarter and full year outlook.

Disclosure: Comcast, which owns NBCUniversal, parent company of CNBC and CNBC.com, is a co-owner of Hulu.