In recent years, a few "mega mergers" have made headlines. In 2015, AT&T acquired DirecTV for $48.5 billion, and now they are in the process of merging with Time Warner, a deal worth $85.4 billion. In 2016, Anheuser-Busch InBev and SABMiller completed a $100+ billion merger. All of these activities have raised red flags with the public and with regulators. Why are the companies proposing mergers? What concerns will regulators raise? And, finally, imagine you work for one of those companies. What is the best argument for the merger/acquisition?