Is there a delay in the offing in CenturyLink Inc.'s acquisition of Level 3 Communications Inc. of Broomfield?

That's what some reports are indicating, and both CenturyLink and Level 3 shares are taking a beating on the news.

On Wednesday, a telecommunications blogger indicated that the deal could be held up by California regulators. California consumer advocacy groups want California regulators to further scrutinize the deal and that could push final approval to later in the year.

Tellus Ventures Associates blogger Steve Blum wrote on Wednesday that the deal"appears likelier than not to be delayed for months" and "that would mean the two companies will have to agree to extend their self-imposed deadline of 31 October 2017 if they still want to complete the transaction."

Read more at the Denver Business Journal: