With AT&T (NYSE: T) closing its acquisition of media giant Time Warner last week, investors will be watching to see how well the telecom company can integrate Time Warner's powerful content assets, including Warner Bros., HBO, CNN, TNT, and TBS, into its business. In theory, AT&T's acquisition looks great. "Combine [these content assets] with AT&T's strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience," explained AT&T CEO Randall Stephenson.