Mergers and acquisitions in the converging communications, media, and internet industries dominated news earlier this month. Following the decision in the AT&T-Time Warner trial and Comcast’s bid for 21st Century Fox, there was a tsunami of speculation about the next big deal.  

But while the press is understandably preoccupied with newly announced deals, downstream regulatory disclosures often reveal far more about the effect these transactions will have on American consumers.  

The Federal Communications Commission, where I served as a commissioner from 2006 to 2013, occasionally requires the filing of a Public Interest Statement. While little known outside of regulatory circles in Washington, D.C., this lengthy document is a treasure trove of information, with detailed economic analysis and insights from key executives. For those of us in the industry, the filing of a Public Interest Statement on a major transaction is always an event to study.