“I have been on the record in the past of saying it’s too big and we have to keep competition. So, but other than that, I haven’t, you know, I haven’t seen any of the facts, yet. I’m sure that will be presented to me and to the people within government,” President-Elect Donald Trump said.
With these words, Donald Trump backtracked on his promise to block AT&T’s proposed $86 billion takeover of Time Warner, during an interview with Axios.
“As an example of the power structure I’m fighting, AT&T is buying Time Warner and thus CNN, a deal we will not approve in my administration because it’s too much concentration of power in the hands of too few,” Trump said during a speech in October 2016.
AT&T’s proposed $85 billion purchase of media content powerhouse Time Warner is a “basic vertical merger,” Stephenson AT&T Chairman and CEO said on “Squawk Box” from the sidelines of the World Economic Forum in Davos, Switzerland on Tuesday.