AT&T CFO: We'd be surprised if regulators approved a Sprint/T-Mobile deal

AT&T CFO John Stephens said it would "surprising" for federal regulators to approve a deal for Sprint to merge with T-Mobile US so soon after they quashed AT&T's bid to buy T-Mobile.

While he said he did not have any specific view on a transaction -- because there is no formal deal between Sprint and T-Mobile -- he noted that for several years AT&T has pushed for more industry consolidation because of increasing data demands, capital requirements to upgrade networks, and a shortage of available spectrum. He noted that the government obviously disagreed, thwarting AT&T's proposed $39 billion takeover of T-Mobile in 2011.

"It would be interesting to see if the government varies from that," Stephens said. "I don't think they will." He said the industry would have to see what happens, but that it "would be surprising today if they changed or reversed that opinion."