No public benefit

Over the past week, AT&T withdrew its application to the FCC for approval of the T-Mobile transaction, calling into question the prospects that this transaction will go forward.  (It won't without FCC approval.)  In any event, the FCC report analyzing the public benefits associated with this proposed transaction has since been released. What did the FCC conclude in its draft report on the transaction? Well, that there wasn't much public benefit to be had by doing the transaction:



If AT&T ultimately terminates the merger agreement because of the inability to get government approvals that will trigger the $4 billion reverse termination fee under the merger agreement.  AT&T has already started laying the groundwork to do just that. 

-bjmq