2. We spent a day discussing the mergers of AT&T/Time-Warner and Disney/21st Century Fox. Why does AT&T wish to acquire Time Warner? What is the benefit to the merger? Who loses? The U.S. government doesnt generally get involved with vertical mergers, why is the government contesting the AT&T/Time-Warner deal, but not (at least yet) the Disney/Fox deal (although the U.K. has expressed concerns)? Do you believe AT&T should be allowed to acquire Time-Warner? If so, should they place any restrictions on the merged firm?