Like AT&T (T), Comcast is a content distributor trying to buy a content creator, and it has similar size and ability to wield significant power in negotiations with other pay-TV operators. One concern in the AT&T case was whether the telecom company could drive up costs for competitors who want to broadcast channels like CNN, TNT and TBS, which were all Time Warner properties.  

Disney, a content creator, doesn't own any pipes.  

In an interview with CNBC on Friday, AT&T CEO Randall Stephenson agreed that Comcast was in a tough spot.