Macquarie analyst Amy Yong said AT&T's (NYSE: T) takeover of Time Warner (NYSE: TWX) could force everyone to step up their game. She said Verizon (NYSE: VZ) may look to acquire other assets beyond AOL-Yahoo while Comcast (NASDAQ: CMCSA)/Charter (NASDAQ: CHTR) could look to a wireless strategy more imminently. This, she said, could position T-Mobile (NASDAQ: TMUS), Sprint (NYSE: S) and Dish (NASDAQ: DISH) as attractive takeouts.

Yong said at the heart of the deal is mobile video: the ability to combine AT&T's mobile infrastructure, DirecTV's video distribution, and Time Warner's programming will be a disruptive one.