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Barry Diller: I don't think a deal with AT&T helps Time Warner

Amid news that telecom giant AT&T is in advanced talks to buy Time Warner, one media heavyweight said it would not be a decision he would make if he were running AT&T.

In the case of Time Warner, IAC and Expedia Chairman Diller told CNBC's "Squawk on the Street" that he does not think the deal helps the company, adding Time Warner's challenges are "so great."

"I like very much Time Warner, its management – I think they're really good – and I think there's every reason they will figure it out," Diller said. "I don't think AT&T helps them. AT&T has a lot of wireless customers. Are there ways that they could? Probably, but, you know, companies, usually screw those things up."

The deal could between the two companies could be announced as soon as Monday, sources told CNBC.