AT&T was seeking to have access to White House correspondence concerning its proposed bid for Time Warner.
Cash repatriation and favorable macro conditions could lead the pace of tech acquisitions to pick up. But tech giants are said to be nervous about opening themselves to regulatory scrutiny.
Even if AT&T has an IPO DirecTV, closes a wireless spectrum sale and finds a buyer for its data centers, Moody's estimates most of the cash it needs to hit leverage targets would likely come from operations.
The media giant's unique intellectual property and sports rights provide a path to success. But Netflix and Amazon's scale advantages are nothing to gloss over.