This report discusses the proposed merger of AT&T, Inc. (AT&T) with Time Warner Inc. (Time Warner), after one of the most closely watched antitrust trials in recent memory. This report first outlines current Section 7 doctrine and then discusses the particularities of the government's case against AT&T and Time Warner and the court's decision to allow the transaction to proceed. Finally, it analyzes the decision's implications for the media industry and future antitrust cases, and identify potential considerations for Congress.