AT&T reportedly agreed to pay $85.4 billion to acquire Time Warner, but U.S. presidential candidate Donald Trump is opposing this.

In fact, Trump said that if he emerges victorious from the Nov. 8 elections and becomes president of the United States, he would block AT&T's acquisition of Time Warner so as not to give the operator too much power.

AT&T is already one of the largest wireless and home internet providers in the U.S. and it's the nation's second-largest carrier, but it could get a substantial boost from Time Warner assets.

In a day and age of precious content, AT&T could score a major win against rivals if it manages to nab Time Warner and all of its content trove. The iconic studio has an impressive number of movies under its belt, as well as a neat set of cable programming such as HBO, CNN, TNT, TBS and more. Should the deal go through, AT&T would be the mighty owner of all that.

Moreover, AT&T would also get 10 percent of streaming video service Hulu if this deal completes. That, however, might be a pretty big "if." AT&T may have agreed to pay $85.4 billion for Time Warner, but the deal is still subject to regulatory scrutiny, and antitrust regulators may not let it materialize.

Even without antitrust authorities, the deal already has notable opposition. Republican candidate Trump said the purchase is a bad idea and, if he becomes president, he would block the acquisition.

"It's too much concentration of power in the hands of too few," said Trump, as cited by Reuters.

While this might make sense, it may not be the only reason for Trump's opposition to this deal. Trump is reportedly not too happy with how Time Warner-owned CNN has covered the election so far, so this may also have something to do with Trump's stance on the acquisition.

The Clinton side of the election has not offered any comment or statement regarding AT&T's plans to buy Time Warner.

"Such a massive consolidation in this industry requires rigorous evaluation and serious scrutiny," said U.S. Senator Richard Blumenthal, Senate Judiciary Committee member and former attorney general of Connecticut. "I will be looking closely at what this merger means for consumers and their pockets."

The U.S. Department of Justice will also investigate the transaction to ensure there are no antitrust issues.

If the deal goes through, Time Warner shareholders will get $107.50 per share, half in cash and half in AT&T stock. The deal should add to AT&T's earnings within the first year of completion.

For now, however, it remains to be seen if the deal passes regulatory scrutiny, if Trump becomes president and, should he win the elections, if he would indeed block AT&T's Time Warner acquisition.

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