The cable cowboy could see the appeal of pairing his media portfolio with a stake in a wireless company.
Buffett has limited experience investing telecom, but plenty of experience making sweetheart deals with companies in need of cash.
Current Level 3 president and CEO Jeff Storey will join CenturyLink as president and COO, and it is expected that he will eventually takeover as head of the company.
Some shareholders cheer as Corvex's Keith Meister pushes to remake CenturyLink in Level 3's image. A brutal proxy contest could lie ahead if CenturyLink's cozy board doesn't comply.