AT&T reported Q3 numbers that fail to prove out the benefits of the DirecTV deal.
The bundling of services has failed to add the most important subscribers.
The large debt load makes the synergies in the Time Warner deal a must and the outcome of the DirecTV integration highly questions a positive outcome.
In the midst of agreeing to buy Time Warner (NYSE:TWX), AT&T (NYSE:T) rushed out Q3 earnings a few days early. The biggest issue is that the synergy benefits from DirecTV aren't showing up in the results.