FIRST AIRED: December 7, 2016

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Transcript

00:00:00
>> Swear that the testimony.>> The CEOs of AT&T and Time Warner went to Capitol Hill Wednesday with one message about their $85 billion proposed merger. AT&T's CEO Randall Stephenson testifying on a Senate panel.>> We want to get the most content to the most people at the lowest prices
00:00:19
>> And we want consumers to pay for their content once and then watch it anywhere and at anytime.>> The proposed merger will combine AT&T's distribution via mobile, broadband and its Direct TV satellite service with Time Warner's content, which includes CNN, HBO and Warner Brother's TV and movie businesses.
00:00:39
Republican Senators didn't put up much opposition to the proposed merger but that wasn't the case with the Democrats. Senator Al Franken being the most outspoken.>> I wanna be clear, what we're talking about here. Should this deal be approved, nothing is preventing a combined AT&T, Time Warner from going to any of its competitors in the paid TV market and charging double for access to Game of Thrones, and VEEP, etc.
00:01:06
Or the combined company could simply restrict access to the programming entirely and wait for competitor's customers to flock to Direct TV or HBO's streaming services.>> Both CEOs getting a high profile defender in billionaire investor, Mark Cuban, who says the merger is needed to compete with the changing way media is being consumed.
00:01:31
>> The idea that TV is the dominant content delivery mechanism no longer is valid. Instead, we fill our time by consuming content from Facebook, Instagram, Snapchat, Messenger, WhatsApp, and slowly, from virtual reality companies like Oculus Rift. Combined, these apps reach more than 1.5 billion users a month.>> The deal still has to pass through the Department of Justice, which will be revamped under President-elect Donald Trump who as candidate said this merger should never see the light of day.