Trump Remains Opposed to AT&T-Time Warner Deal

January 5, 2017, 7:24 PM UTC
US President-elect Donald Trump answers questions from the media after a day of meetings on December 28, 2016 at Mar-a-Lago in Palm Beach, Florida. / AFP / DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)

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.

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