Doubt there will be any regulatory grumbling since it actually increases competition in the "triple play" space (Internet+Television+Phone). My hunch is that AT&T waited until they thought the Comcast + Time Warner deal was a virtual certainty before pulling the trigger on this. Who this will put more of a squeeze on is content providers (e.g., Disney/ESPN) as they now have to deal with two juggernauts.
Call me cynical but I can imagine a golf-course deal where Comcast and AT&T agree to this. Theory being, AT&T+DirecTV will seem like a more-meaningful competitor for Comcast+TimeWarner.
Why not? AT&T has a fraction of the video subscribers that DirecTV has. They're not a major player at all.
If you really want to avoid AT&T, then Dish still exists as a robust competitor.
Unlikely considering Tom Wheeler was both companies Chief Lobbyist.
Maybe it will scare another 10 or 100k out of a lobbyist.