Trader Lebenthal sells Time Warner to take profits

Jim Lebenthal
Scott Mlyn | CNBC

CNBC "Halftime Report" investor Jim Lebenthal has sold Time Warner for his CNBC PRO model portfolio.

The CEO of Lebenthal Asset Management is up 33 percent this year, which is good for first place in the trading contest.

AT&T announced a deal in October to buy Time Warner for approximately $85 billion or $107.50 per share. Time Warner shares have traded at a discount to the proposed acquisition price due to government approval concerns.

Here's why the trader sold his shares in the media company on Friday.