What will this mean for competition and choices?
Here's where it starts to get really interesting.
AT&T could charge other companies for the rights to air, say, "Inception" on their networks, or for the use of the Superman brand. Left unchecked, AT&T could abuse this power and force other Web companies, other cable companies, other content companies or even consumers to accept terms they otherwise would never agree to.
[AT&T's Time Warner deal looks like bad news for Verizon]
This is why AT&T's deal will receive close examination from federal regulators. If things go the way Comcast's purchase of NBCUniversal did in 2011, AT&T's deal could be approved if it agrees to several conditions aimed at making sure the deal doesn't harm competition.
What might those conditions look like?
Hard to say; they're usually specific to the deal. But they could, for example, ban AT&T from saying to consumers, "Look, come to our wireless service and we'll let you stream as much HBO as you want at no charge." Or it could try to disadvantage its competitors' own content on AT&T's platform. Regulators may conclude that these kinds of arrangement could disproportionately hurt AT&T's rivals.
Everything you need to know about AT&T’s deal with Time Warner