What Does AT&T-Time Warner Bargain Mean For My Wireless Bill? Plus 4 Other Questions About The Major Deal

AT&T shook up the media landscape over the weekend with the announcement that it has reached an agreement to buy Time Warner for $85.4 billion.

The deal would pair one of the largest telecommunications companies in the world with one of the largest content providers and would create a company that appears poised to be a dominant player in the media space for years to come.

That's all well and good for the suits that are poised to rake in all of the cash, but what does it mean for you, a humble consumer who just wants to watch some TV, browse the internet and make a few phone calls?

Here are five things you need to know.

1. This deal might not even go through

There is a lot of pressure on regulators to block the consolidation of these two major players, particularly from Democratic lawmakers such as Sen. Bernie Sanders, who says the purchase would give consumers fewer options leading to higher prices.

Both presidential candidates have expressed skepticism as well.

“As an example of the power structure I’m fighting, AT&T is buying Time Warner and thus CNN, a deal we will not approve in my administration because it’s too much concentration of power in the hands of too few,” Donald Trump said over the weekend.

Hillary Clinton spokesman Brian Fallon said of the deal that "regulators should scrutinize it closely.”

But let's assume the deal does go through...

2. What does this mean for my AT&T bill?

It's hard to tell. But some experts are saying the purchase is probably not good news for you in that area — particularly as it relates to smaller TV bundles, such as SlingTV, which give people fewer channels at a much cheaper price, Janko Roettgers wrote in Variety this weekend.

If (or when) AT&T decides to further bundle these streaming options in with its wireless telephone plans, that could mean an increase in costs across the board. Less competition means more power for these massive companies to set their prices and drive providers out of the market.

"As the FCC has found in past mergers, combining valuable content with pay-TV distribution causes harm to consumers and competition in the pay-TV market," a statement from the American Cable Association said. "If an AT&T/Time Warner deal is forged as reported, the vertical integration of the merged company must be an issue that regulators closely examine."

3. Look out for your Netflix bill, too.

AT&T could use a similar subscription streaming package to price out services such as Netflix and Hulu. It could also refuse to license its own content to these services, making it harder for them to stay afloat.

Ars Technica's Jon Brodkin noted that a similar issue came up when Comcast bought NBC Universal in 2010.

"AT&T could also harm online video services such as Netflix by raising prices or refusing to license content to online services that compete against traditional TV providers," Brodkin wrote. "These concerns were raised when Comcast bought NBC, but ultimately the Federal Communications Commission and Department of Justice allowed the merger with conditions designed to prevent competitive harm."

4. What all is included in Time Warner, anyway?

Time Warner includes many recognizable brands such as HBO, CNN, AOL, Turner Broadcasting System, The CW and Warner Bros.

All of these would be rolled into AT&T should the purchase go through.

5. Will any of those services be affected or changed?

AT&T CEO Randall Stephenson told CNN's media reporter Brian Stelter that it won't try to change the way CNN does news.

"We are fully appreciative and cognizant of that kind of independence," Stephenson told Stelter. "I think you can begin to destroy a brand like CNN if you begin to meddle in its independence."

It's unclear exactly what AT&T's plans would be for TV giants such as "Game of Thrones," "The Sopranos" and other legacy television shows the company may soon have control over.

Images: AT&T via Mike Mozart, Flickr, used under Creative Commons; Time Warner Building via Florian Pépellin