Investors had hoped Trump would be more supportive of a merger than the Obama Administration
Donald Trump remains opposed to AT&T’s planned $85.4 billion acquisition of Time Warner, Bloomberg reported, citing people close to the president-elect.
Trump, who has been silent about the transaction for months, told a friend in the last few weeks that he still considers the merger to be a bad deal, Bloomberg reported.
He believed the deal would concentrate too much power in the media industry, Bloomberg said.
Shares of AT&T were down 0.2%, while Time Warner’s stock was down 1.6%.
Trump’s chief strategist, Steve Bannon, is also opposed to the deal, Bloomberg reported, citing another person.
Trump during his campaign had said AT&T’s proposal to buy the owner of CNN and the Warner Bros movie studio was an example of a “power structure” that was rigged against him and voters.
Trump’s transition team, AT&T and Time Warner did not immediately respond to requests for comment.