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AT&T's Stephenson says nature of Time Warner deal different than anything it's ever done before

AT&T Chairman and CEO Randall Stephenson told CNBC on Monday the telecommunications giant's mega-deal to buy Time Warner is a "pure vertical integration."

The companies do not compete anywhere, Stephenson said, adding mergers of this nature usually get done by making concessions to regulators.

Time Warner Chairman and CEO Jeff Bewkes told "Squawk Box" in the same interview that consumers will end up with more choices.

AT&T officially announced on Saturday a deal to buy Time Warner for more than $85 billion, or $107.50...