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AT&T Inc. had a monster third quarter with profits up 42% to $3.1 billion partly due to its acquisition of BellSouth Corp. Now, the San Antonio-based telecom reportedly is looking for another acquisition, one further afield from telecom. The Wall Street Journal on Wednesday followed reports last week that AT&T is looking to make a bid for either satellite television providers DirectTV Group Inc. or EchoStar Communications Corp. The Journal reports that it is talking with Washington lawyers to see how long a deal would get approval from the federal government. One important factor that AT&T is probably considering is the likely change in the deal climate after the November 2008 presidential elections: from a pro-deal Republican government under George Bush to a Democratic one. A Democratic government would most likely scrutinize or even squash a possible deal. On the other hand, with AT&T showing stronger third-quarter earnings and more money in the bank, this might be the right time for AT&T to take a risk and make a play for a satellite provider. — Gerald Magpily
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