The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( Trefis) -- AT&T ( T - Get Report) has approached several smaller wireless players to sell spectrum and subscribers as part of an attempt to save its $39 billion acquisition of T-Mobile, according to a recent report by Bloomberg. These smaller players include Sprint ( S - Get Report), MetroPCS ( PCS), Leap Wireless ( LEAP), Century Link ( CTL - Get Report) and Dish Network ( DISH). We believe that any asset sale must be significant for AT&T to get this deal approved.

Ever since the U.S. government filed an antitrust lawsuit against AT&T to block the proposed T-Mobile deal, AT&T has started to make concessions to address those concerns. The government's primary concern was that the deal is potentially anti-competitive; if the merger goes through, only three companies, AT&T, Verizon ( VZ) and Sprint, would control 90% of the U.S. wireless market. AT&T and Verizon in particular would control most of the postpaid market.

We earlier argued that even if AT&T succeeds in selling 25% of T-Mobile's business, AT&T is not addressing the government's concern of preserving a strong fourth competitor in the wireless market. However, should the assets be sold to Sprint it would likely reduce the pressure from Sprint's lawsuit, and a strengthened third competitor may be enough to placate the Department of Justice.

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This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.