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Trump, who had railed against the media during the fractious
presidential election campaign, had said AT&T's proposal to buy
the owner of CNN and the Warner Bros movie studio was an example
of a "power structure" that was rigged against him and voters.
"It's too much concentration of power in the hands of too few,"
Trump said during a rally on Oct. 22.
AT&T's shares were down 1.2 percent at $36.55, while Time
Warner's were down 3.1 percent at $85.11.
S&P e-mini stock index futures were down 1.8 percent at 7 a.m.
ET as global markets reacted nervously to Trump's surprise
defeat of Democrat Hillary Clinton.
AT&T offered $107.50 per share for Time Warner last month,
aiming to acquire content to attract a growing number of online
viewers.
AT&T said the Department of Justice would review the deal, which
is likely to face intense scrutiny given that lawmakers are
already concerned about cable company Comcast Corp's <CMCSA.O>
$30 billion acquisition of NBCUniversal.
(Reporting by Aishwarya Venugopal in Bengaluru)
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