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Recorded June 28, 2011
90 minutes
Agenda
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Who should attend
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Overview
The pending deal for AT&T's purchase of T-Mobile – with a price tag of $39 billion in cash and stock – will create the largest wireless telecom company in the country, with Verizon as the next biggest contender. Competitors are concerned that the acquisition will result in two companies controlling market prices on everything from roaming rates to wholesale broadband, and monopolizing access to the most popular smartphones.
But, will the effect on competition be that chilling? And, as for AT&T's spectrum needs, if the purchase isn't approved, will AT&T have a crisis on its hands managing its ever-increasing data and voice traffic?
Join us for a frank discussion of the deal's impact and what it means to the various players in the wireless industry. We'll separate fact from hyperbole.
Agenda
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Will AT&T get the regulatory approval it needs to consummate the deal? What
is the current regulatory climate for mega-acquisitions under the Obama
administration? |
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What concessions will AT&T likely have to make for the acquisition to be
approved? What opportunities will arise from these concessions and who will
benefit? |
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How will the deal affect telecom carriers in terms of wholesale pricing in
roaming, mobile broadband deals and access to popular smart phones? How will
it affect deal-making for vendors such as cell tower companies and equipment
makers? |
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What is the deal's impact on the national 4G rollout by AT&T, Verizon and
Sprint – as well as on wireless broadband providers Clearwire and
LightSquared? |
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Will innovation be encouraged or stifled if the acquisition goes through? |
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Who are the possible non-telecom companies that could step in with an
alternative technology to nibble away at the wireless telecom business
(e.g., Google, with its VOIP service and Microsoft's plans for Skype)? |
Learning Objectives
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Understand the impact of this acquisition on market pricing, innovation and competition |
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Learn about the regulatory environment under the Obama Administration when it comes to mega-deals |
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Discuss the potential effects on various wireless players if the deal closes |
Panelists
Sharon B. Armbrust – Senior Consulting Analyst, SNL Kagan.
Sharon B. Armbrust is the former Chief Operating Officer of Kagan World Media and former head of SNL Kagan's telecom practice. Ms. Armbrust currently acts in the capacity of Senior Consulting Analyst to SNL Kagan and Kagan Media Appraisals, Inc, focusing primarily on valuation analyses, industry economic research and strategic consulting assignments in the telecommunications and digital media sectors. Ms. Armbrust is also Sr. Analyst Contributor to SNL Kagan's Wireless Investor electronic research service for the mobile wireless and tower industry sectors.
She has participated in the valuation of over $100 billion of media and communications properties during the past 29 years. Ms. Armbrust's work for KMA includes valuations of a wide array of wireless spectrum, cable TV and telecom carrier operating assets. Her knowledge of these sectors and of industry historical trends and participating companies' competitive positions supports her work as an expert witness in cable TV, broadcast and mobile telecommunications related litigations. Ms. Armbrust also organizes and co-moderates wireless telecom and digital media investment conferences held by SNL Kagan.
She holds a BA degree in German and French literature from the University of Michigan and MA and MAT degrees from The Johns Hopkins University.
Trey Hanbury – Director of Government Affairs, Sprint Nextel
Corporation
At Sprint Nextel, Mr. Hanbury serves as the primary regulatory counsel for Sprint
Nextel's spectrum rulemaking proceedings and transactions at the Federal
Communications Commission (FCC). He developed the company's regulatory
responses to a number of FCC proceedings, including the 700 MHz D Block, AWS-3,
AWS-2, and the Broadband Radio Service issues.
Before joining Nextel in 2004,
Mr. Hanbury served as Special Counsel with the Office of Chairman Michael Powell, where
he provided legal and regulatory advice on a variety of wireless and wireline
issues, including spectrum allocations, law-enforcement access to
communications, and Voice over Internet Protocol (VoIP). Before becoming Special
Counsel, He served in the Policy Division of the International Bureau and in
the Policy Division of the former Common Carrier Bureau.
Mr. Hanbury started his career as an associate with the law firm of Dow, Lohnes and
Albertson, where he provided terrestrial wireless and satellite companies with
regulatory guidance on mergers and acquisitions, E911 compliance, state and
local preemption, spectrum auctions and international broadband competition.
He graduated from the University of Virginia School of Law, where he served as
Hardy Cross Dillard Fellow. And he graduated magna cum laude from the University of
Virginia School with a B.A. in history and minor in German.
Christopher C. King – Director, Telecommunications and Cable Services, Stifel Nicolaus & Co., Inc.
Mr. King is a Senior Telecom Services Analyst and Director at Stifel Nicolaus,
where he covers telecommunications and cable services firms. His current
coverage universe consists of a focus on Latin American and emerging market
wireless carriers, as well as Rural Local Exchange Carriers (RLECs), and the
Regional Bell Operating Companies (RBOCs), in addition to several national
independent wireless carriers.
Mr. King joined the Stifel Nicolaus Research Team in connection with Stifel's
acquisition of the Legg Mason Capital Markets Group in December of 2005. Mr.
King joined the Legg Mason Telecommunications Equity Research team in January
2001. He was an equities trader and fixed-income analyst with Wachovia Bank and
Allfirst (Allied Irish) Bank, and for five years prior to joining Legg Mason/Stifel,
was a financial analyst with Allfirst in the company's Brokerage and Capital
Markets Groups. Mr. King has a bachelor's degree in politics and economics from
Wake Forest University and an MBA with a concentration in finance from the
University of Maryland.
Robert W. Quinn, Jr. – Senior Vice President,
Federal Regulatory and Chief Privacy Officer, AT&T Services, Inc.
As AT&T's SVP, Federal Regulatory and Chief Privacy Officer, Mr. Quinn leads
AT&T's Federal Regulatory group, which is responsible for all matters affecting
AT&T and its affiliates before the Federal Communications Commission (FCC). Mr.
Quinn is also responsible for customer privacy policies at the international,
federal and state level across all lines of business.
Previously, Mr. Quinn served as VP, Federal Regulatory Affairs for AT&T Corp.,
where he represented AT&T before the FCC and the U.S. Department of Justice.
Prior to joining AT&T, Mr. Quinn spent five years as a trial attorney with the
Chicago firm of Mayer, Brown & Platt.
Deborah Yao (moderator)
– Senior Reporter, SNL Kagan
Who will benefit
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Investment bankers, private equity groups, hedge fund managers
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Broadcast regulatory agencies and telecom industry execs
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Media brokers and industry analysts
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