Donald Trump said if elected President of the United States, he would reject the merger between Time Warner Inc. and AT&T Inc., which was reached between the two companies on Saturday, according to the Wall Street Journal.
“We’ll look at breaking this deal up,” Trump stated early Saturday afternoon, describing AT&T’s potential purchase of Time Warner as “too much concentration of power.”
After the Republican nominee’s comment, the Wall Street Journal reported AT&T reached the deal to buy Time Warner for $80 billion.
Breaking: AT&T reaches deal to buy Time Warner for more than $80 billion https://t.co/mGzzxZBZIq
— The Wall Street Journal (@WSJ) October 22, 2016
Fox News reports the deal may officially be announced Saturday night.
AT&T would acquire CNN, HBO, TNT, TBS, Cartoon Network, and Warner Bros. if the purchase occurs.
The LA Times reports that the Federal Communications Commission and the U.S. Department of Justice would likely scrutinize the deal, but it won’t be rejected outright, according to experts.