AT&T is buying TimeWarner for what will be about $109B with debt -- and will mean that AT&T will have more debt - $175B approximately - than any other institution -- at a time when their growth is slowing.
When this is done both Bells will have a combined debt of almost $300 Billion dollars and revenue that will be less than that. The markets they are in are hyper-competitive - cellular, broadband, TV. T-Mobile is clobbering them. TV is cutting the cord. Cable is winning the broadband war. While AT&T was being a jerk to Google Fiber, cable stole its lunch money every single day.
Think about this: 6 Corporations Control 90% Of The Media In America (from 2011 and a few things have changed.) Comcast owns NBCU, which they bought from GE. And the WB will be AT&T. VZ owns AOL and soon Yahoo. Another scary look at it [infographic]