Alex Sherman

An obscure wireless industry deal from 2017 can help explain why T-Mobile and Sprint finally agreed to merge after years of flirting with a deal.

When Hulu introduced a commercial-free option in 2015, NBC executives were frustrated. Despite owning a stake in Hulu, they could only watch even though they preferred that streaming-video provider stick with an advertising-supported model, apparently. For the past six years, the media giant has been barred from having any say over Hulu, which is also owned by Walt Disney Co., 21st Century Fox Inc. and Time Warner Inc. It’s one of dozens of restrictions that Comcast accepted to win approval to buy NBCUniversal, home of the NBC broadcast network, cable channels like USA and MSNBC, theme parks and a film studio. Now, Comcast and NBC can start to contemplate a world without government constraints. The last restrictions expire in September 2018. NBC is planning an online video service with shows from its own TV networks in the next 12 to 18 months, apparently.That sort of thing has been difficult for the media company to do up to now. “The handcuffs are off,” said Amy Yong, an analyst at Macquarie. “Now that the conditions are expiring, they’re more free to explore their options.”

Verizon Communications is close to a renegotiated deal for Yahoo! Inc.’s internet properties that would reduce the price of the $4.8 billion agreement by about $250 million after the revelation of security breaches at the web company, apparently. In addition to the discount, Verizon and the entity that remains of Yahoo after the deal, to be renamed Altaba Inc., are expected to share any ongoing legal responsibilities related to the breaches, said the people, who asked not to be identified discussing private information. An announcement of the new agreement could come in a matter of days or weeks.

More Americans have watched the US soccer team in this World Cup than ever before. The two biggest announced acquisitions in the world in 2014 are for US pay-TV operators. Yes, there is a connection.

AT&T’s bid for DirecTV, and Comcast’s merger with Time Warner Cable, totaling a combined $134 billion, are tied together by a thread that today is driving many of the decisions in the world of pay-TV: Sports. AT&T will buy DirecTV only if the satellite-TV provider renews its exclusive Sunday night package of football games. Time Warner Cable is selling because it’s losing customers rebelling against high cable bills -- caused in part by the soaring cost of obtaining sports rights.

The two deals are prime examples of how sports programming’s immense popularity has become both the cause of, and solution to, pay-TV’s slowdown. Much of the value of sports programming for pay-TV operators stems from its immediacy. Unlike shows that can be watched later on Netflix, sports are typically watched in real time. This is great for advertisers, because commercials aren’t as frequently skipped, and it’s great for the pay-TV systems, because online options can’t offer a comparable substitute. The result: More media consolidation is on the way.

Comcast’s bid to buy Time Warner Cable may be the opening act for a yearlong festival of telecommunications deals that would alter Internet, phone and TV service for tens of millions of Americans.

AT&T and DirecTV may be the next dance partners. AT&T is in advanced talks to acquire DirecTV for as much as $50 billion, according to people familiar with the matter, who asked not to be named because the talks are private.

After that, in June or July, Sprint and T-Mobile US may bring a $30 billion merger before US regulators, people said. All told, the three deals could total more than $170 billion in equity and net debt and affect more than 80 million US customers.