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AT&T + BS - Cingular = ?

March 6, 2006 | Filed Under Regulation, In the News 

So AT&T is set to acquire BellSouth for $67 billion in stock.

I previously thought that eBay wildly overpaid for Skype.

But that deal, at a potential $4 billion or so, looks like a steal. There’s something vaguely reminiscent of AOL’s “acquisition” of TimeWarner. Verizon is allegedly under the gun if this deal goes through. I think my favorite wireless carrier could be secretly banging the drum and smoking a victory cigar this morning.

I’m sure a bunch of smart people signed off on this one. However, when two large regulated companies merge, it’s often not immediately clear what will happen.

I think the government will approve this transaction. But not just because it is probably pro-competitive. And not because the Bush Administration allegedly always approves communications industry mergers.

Rather, it will be approved because it may prove to be irrelevant.

Think in terms of branding:

– Old AT&T was American Telephone & Telegraph. Think: Ma Bell.

– New AT&T faces cable, wireless and VOIP challenges. So perhaps think: Grandma Bell.

And the one brand that is raising the bar with growing appeal to consumer and business markets, Cingular, is to be discarded.

lowering the bar...

Updates: Kirkendall, Ribstein and the omnipresent WSJ Law Blog. 8 Mar 06: Holman Jenkins of the WSJ ($) playfully calls AT&T CEO Ed Whitacre “Mr. T. ” and suggests his forthcoming nightmare goes by the name of WiMax. 10 Mar 06 BusinessWeek has an interview suggesting that AT&T make be making a brand new mistake.