The announced acquisition of T-Mobile’s U.S. wireless communications business by AT&T raises serious competition policy issues that require careful analysis by the Federal Communications Commission and the Antitrust Division of the U.S. Department of Justice. On its face, the four-to-three merger of AT&T/T-Mobile appears to be anticompetitive. More definitive conclusions on the likely competitive effects of the proposed merger, however, will be based on a thorough analysis in a forthcoming American Antitrust Institute (AAI) White Paper.