Senate Democrats want AT&T to prove to them that the benefits of the $85 billion merger will outweigh any harms to consumers.

Why? Typically, this kind of merger goes through an FCC review, during which the merging companies demonstrate how the deal will serve the "public interest." In this case, AT&T and Time Warner have opted not to transfer spectrum licenses, thereby skirting the FCC's review process. So Senators including Bernie Sander, Ed Markey, Al Franken, Ron Wyden, Patrick Leahy and Cory Booker — who are generally skeptical of industry consolidation — are trying to fill that void. They said:

AT&T is already the world's largest pay-TV provider and the largest telecommunications company. Combining it with one of the world's largest producers of content gives AT&T-Time Warner both the incentive and the ability to use its platform to harm competitors, and as a result, consumers.

AT&T says: "The merger will create more competition for cable TV providers, giving consumers more options and accelerating next generation wireless broadband."

Of note: AT&T also said it's handing over "millions of documents" as part of the DoJ's antitrust review of the deal. However, most documents in that process aren't made public.

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Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).