Time Warner is planning to sell broadcast station WPCH in Atlanta for $70 million to the Meredith Corporation — per an application at the FCC.

Why it matters: This relatively small deal is all about AT&T's proposed $85 billion purchase of Time Warner. By selling the station and its airwave licenses the two companies could avoid an FCC review of the deal, since the agency steps in when licenses change hands. AT&T had already indicated that it didn't expect licenses to transfer as part of the deal, but this is a key step towards potentially avoiding an FCC review.

Latest developments: FCC Chair Ajit Pai decided to comment Thursday on whether he would use the sale as a reason to look over the AT&T deal. "This is news to me, so it will not surprise you if I don't express an opinion about it on the fly," he said.