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AT&T and Sinclair Broadcast Group want to increase their market share of TV stations and national TV networks. The two would-be buyers face a complicated regulatory path. But that's where their tales diverge, leaving some analysts scratching their heads. That's because Sinclair's proposed $3.9 billion acquisition of Tribune Media appears headed for smooth sailing before the Federal Communications Commission, which voted Thursday to relax its ownership rules. Meanwhile, there are indications AT&T's $85 billion purchase of Time Warner may encounter legal obstacles from the Department of Justice, which may demand that AT&T divest of valuable Time Warner properties like DirecTV and CNN to get the deal approved.

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