No, because Bell lost what was already geographically distinct - the regional baby Bells. Bell labs, Bell trademark, Western Electric, and AT&T Long Distance were all retained. This might be the equivalent of splitting AWS and the rest of Amazon into two companies.
Or Web Services, Commerce (Whole Foods, Amazon.com), Media (Alexa, Ring, Fire TV, Amazon Studios)
Amazon has so many different components in their conglomerate that there are many ways to draw lines.