AT&T and Time Warner have reportedly agreed to merge in a deal that would make them one of the biggest media distribution and production conglomerates in the world. But under a Trump administration, that deal might not fly.

"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," Republican presidential candidate Donald Trump said during a rally Saturday.

Time Warner owns HBO and the Turner Broadcasting System, which includes CNNand a host of other channels. (Turner made an investment in Mashable this year.)

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The two companies reportedly agreed to AT&T's $80 billion acquisition of Time Warner on Saturday. An announcement is expected as soon as Saturday night.

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The deal wouldn't close until late 2017, so a Trump administration could very well affect the acquisition's chances. Under any president, the deal will be highly scrutinized by regulators.

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According to CNN, Trump also said Saturday he would look into breaking up the 2011 merger of Comcast and NBCUniversal. That deal is the most recent to resemble AT&T's proposal.

The position is an unusual one for a Republican. Usually Democrats are the ones to rail against big-business mergers and acquisitions. President Barack Obama's administration approved Comcast's purchase of NBCUniversal.

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