AT&T filed a document yesterday with the SEC about its proposed merger with Time Warner. It includes this line:
"While subject to change, it is currently anticipated that Time Warner will not need to transfer any of its [Federal Communications Commission] licenses to AT&T in order to continue to conduct its business operations after the closing of the transaction."
Why it matters: President-Elect Donald Trump reportedly still opposes the merger and could easily put pressure on the FCC to kill it. But if those licenses don't change hands, then the FCC doesn't get to vet the deal. It will be harder for Trump to influence the Justice Department review of the deal.