Time Warner shares drop on report of Trump's opposition to AT&T merger

Time Warner shares took a hit on Thursday following a report that president-elect Donald Trump remains opposed to the media giant's $85.4 billion merger with AT&T.

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Bloomberg News reported Thursday that Trump has told confidants he is concerned the union of Time Warner and AT&T would give the combined company too much power in the media business. Bloomberg said Trump's chief strategist, Steve Bannon, is also against the deal on the same grounds.

Time Warner shares fell more than 3% as the report circulated. AT&T shares dropped less than 1% on the news.

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