Stanley made a mistake selling warner. It was a mistake buying it but the idea of being big has merits.
Nobody would buy att with their debt other than a rival that would benefit by their being gone. Att would also benefit by returning to a near monopoly. The gov would even allow it as long as it isn't Verizon or T-Mobile.
Comcast is the only rival big enough to do it. They also have a hundred billion debt so that would
not create a new issue. Together they could practically control cable.
If att had Warner they could combine it with universal and Comcasts other cable. They have several networks and own a bunch of shows. This would make them big enough to take on Netflix and Disney. It might be possible to buy warner back still. The owners of warner are tied to charter so that might come into play.
Comcast has managed to run a studio for years without messing it up, so clearly they would be left in control. Att might like to spin off the cell but Comcast would want that. It would be a big mess but the size would give them power.
Looking at att stock comcast could do it if they wanted. Comcast is worth approaching twice att and they have less debt so it would get like 2/3 of the company.