minnesota democrat al franken has questioned the a.t.&.t. deal and, last month, the proposed comcast purchase. >> we are here to question whether this deal is good for competition, whether it's in the public interest. i'm against this deal because i believe it does not meet either test. i believe this deal will result in fewer choices, higher prices, and even worse service for my constituents. >> ifill: but comcast executive vice president david cohen defended his proposed merger. >>> while this transaction will make us bigger, that's a good thing, not a problem. most of our real competitors are national and global and larger than us. >> ifill: the a.t.&.t.-directv merger could face similar scrutiny. it could be finalized within a year. >> ifill: what do these deals mean for consumers? and why are corporate giants spending tens of billions to try to get even bigger? we turn to two people who know this field well. matt wood is the policy director for free press, a non-partisan organization advocating for media and technology policies. and jim

the bank entered a federal plea deal and agreed to pay $2.6 billion in penalties. it's part of a crackdown on foreign banks allegedly hiding u.s. taxpayer assets offshore. a.t.&.t. pledged today to "redefine the video entertainment industry" if it's allowed to buy satellite t.v. provider directv. the deal, valued at $48.5 billion, would create the nation's second largest pay t.v. operator. comcast and time warner cable would be the largest, under a merger proposed in february. both deals are subject to federal approval. british drug maker astrazeneca has rejected a final $119 billion takeover offer from american rival, pfizer. the move ends pfizer's long battle to form the world's largest drug company. astrazeneca says the bid did not reflect its true value. the balkans struggled today with the worst flooding in more than a century. at least 35 people were dead, and thousands more were forced to flee. across serbia, the raging sava river submerged entire towns, prompting mass evacuations. crews built a wall of sandbags around the country's main power plant to protect it. meanwhile, in sarajevo, bosnia's foreign minister said the damage there is immense. >> the co