Republican presidential nominee Donald Trump said Saturday that his administration would seek to block a massive media merger between AT&T and Time Warner Inc. if he is elected president.
The deal, which appears to be imminent, would turn telephone giant AT&T, a company already valued at $230.6 billion, into a powerful player in Hollywood. Just 15 months ago, AT&T became the nation’s largest pay-TV operator when it acquired DirecTV. Time Warner would give it HBO, CNN, TBS, TNT, Cartoon Network and Hollywood’s biggest television and film studio, Warner Bros.
The boards of the two companies are meeting Saturday to approve the merger and an announcement could be made as soon as Saturday night, the Wall Street Journal reported. Sources told the Journal that AT&T has agreed to buy Time Warner for between $105 and $110 a share in a cash-and-stock deal valued at about $80 billion.
At a speech in Gettysburg, Pa., outlining his priorities for his first 100 days in office, Trump warned that buying Time Warner would give AT&T “too much concentration of power.”