Merger is a trick word, there's always one company that eats the other despite it and yes in this case AT&T would own Time Warner. Time Warner previously had a hostile take over by AOL, anyone remember how that went?
You don't want a service providers to be in control of the media as well, you're not looking at the big picture Andrew. Even so AT&T would likely let whoever is running things to run things as they don't have experience otherwise.
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