That will take capital, and having spent nearly one-third of its cash on Leap, it's an open question where that cash will come from. The Daniels Report wrote in April that AT&T's finances are already stretched thin, with the wireline business declining, wireless gains unable to offset those losses, free cash flow dwindling and its defined pension plan a "ticking time bomb." The price of meeting Masayoshi Son's ambition, Daniels concludes, may in the end be AT&T's pensions and dividends. At the time of publication, the author owned no shares in companies mentioned here. Follow @DanaBlankenhor This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.