Embarrassing or not, the market doesn’t seem to think the disclosure that AT&T paid President Trump’s personal lawyer makes the Time Warner deal any less likely to close.

AT&T’s T, -2.24% CEO Randall Stephenson in a memo on Friday called the decision to pay Michael Cohen $600,000 a “big mistake” and said the company lobbyist who oversaw the decision to hire Cohen has retired.

The disclosure of payments to Cohen by Michael Avenatti, the lawyer for the adult-film personality who alleges a relationship with Trump, from a number of companies has provoked a firestorm.

Related:AT&T, foreign companies risk legal action for payments to Michael Cohen firm

AT&T has said it paid Cohen to advise it on its pending purchase of Time Warner US:TWX as well as Federal Communications Commission regulation and corporate tax reform.

What Cohen actually did to advance the cause of the AT&T–Time Warner merger is unclear. CNN reported that he did not contact the Justice Department’s antitrust division, and, about a month before the Cohen contract with AT&T ended, the Justice Department sued to block the deal. Trump himself, before taking office, said “deals like this destroy democracy,” and in office has repeatedly criticized CNN, a unit of Time Warner.

Terms of the AT&T offer are complex. Time Warner shareholders are due to receive $53.75 per share in cash and another $53.75 in AT&T stock. The reality is more complicated: If AT&T shares, at closing, average less than $37.411 in the 15 days before closing, Time Warner shareholders receive 1.437 shares of the telecom operator, and if the average AT&T price over that span is above that level they receive 1.3 shares.

AT&T shares have been south of the $37.411 line for most of the last 3½ months. (As an aside, that level has served as resistance, with the stock unable to close above that price since the middle of March.)

Avenatti’s disclosure that AT&T had paid Cohen didn’t come until after the close of trading Tuesday.

AT&T shares initially declined Wednesday but have gained steam since then, and in midmorning action Friday they were above Tuesday’s closing price — pre–Avenatti disclosure. Based on trading on Friday, Time Warner shareholders would get $46.27 in AT&T stock and another $53.75 in cash, or $100.02 per share.

Time Warner, meanwhile, was trading at $93.04, or a 7% discount to the AT&T bid.

On Tuesday, Time Warner closed at $92.45, compared with the then-$99.30-per-share value of the AT&T bid — still a 7% discount.