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Comcast-NBCU Deal Offers a Shaky Model for Time Warner Takeover

AT&T (T) and Time Warner (TWX) officials are all but certain to argue that their $85.4 billion merger announced Saturday should be approved by the federal government with conditions similar to those demanded by regulators when Comcast (CMCSA) acquired NBC Universal in 2011.

But approval along those lines is not a slam dunk, say telecom experts in Washington, in large part because government officials have found it hard to track Comcast's compliance with those obligations and because regulators are even more determined...