Here’s one more reason to be confident about the big AT&T-Time Warner merger: It’s been done before, and it worked out pretty well.

In 2011, U.S. regulators approved the combination of Comcast Corp., the country's largest cable company, and NBCUniversal, one of the largest providers of TV programming and movies. Under the agreement, Comcast was required to meet 150 conditions and commitments.

Profits soared for the companies, and the merger didn’t stifle competition in online entertainment, as opponents feared.

Netflix, Hulu, Amazon Prime and Sling are among the many streaming video providers that have emerged much stronger in this decade, and consumers are benefiting from more choices and lower prices.

AT&T and Time Warner also want to combine broad distribution and premier content, just on a grander scale. In addition to millions of pay TV and broadband customers, AT&T has about 150 million wireless accounts, a key position of strength as more video entertainment goes mobile.

The Justice Department is evaluating the AT&T deal, which would be one of the largest acquisitions in history. AT&T has agreed to pay $108.7 billion, including debt, for a company that includes HBO, CNN, Turner and Warner Bros. studios.

AT&T expects the merger to be approved by the end of the year and has been putting key pieces in place. It recently shuffled management, hired a New York executive to oversee a new advertising unit and sold $22.5 billion in bonds to finance the deal.

One more hurdle

The last major hurdle is the Justice Department, and the Comcast deal is worth reviewing because of the parallels. Consumer groups raised many concerns then, as they have with AT&T-Time Warner today.

In 2011, regulators set conditions on everything from expanding broadband service to protecting the journalistic independence of NBC News. A top concern was protecting new streaming services.

"The transaction had the potential to stifle new online competition," Assistant Attorney General Christine Varney said at the time. That would lead to less investment, less experimentation with new delivery models and less diversity in content, she said.

But with the conditions, the merger “will not chill the nascent competition posed by online competitors — competitors that have the potential to reshape the marketplace,” Varney said.

Indeed, Netflix has grown exponentially, new players have emerged and there has never been so many video options.

“We’re living in a golden age of TV and content, and money is pouring into this,” said Roger Entner, a longtime telecom analyst and founder of Recon Analytics. “That’s not because of the Comcast merger, but that deal certainly didn’t prohibit any growth in the industry.”

In 2011, Netflix had almost 24 million streaming customers. It now has over 100 million, including in the international market. Hulu has grown rapidly, and other video providers are flashing big ambitions.

As more choices emerge, more people are cutting the cord on cable and opting for “over-the-top” video, which provides shows and movies over an internet connection. In the last two years, Sling TV, Hulu Live, DirecTV Now, YouTube TV and Playstation Vue have added almost 2.3 million subscribers, according to estimates by research firm MoffettNathanson.

Cable and satellite TV providers have lost almost the same number of customers over that time.

Even those who opposed the Comcast deal concede that new video models have developed just fine.

“The market is improving in a pro-consumer direction,” said John Bergmayer, senior counsel at Public Knowledge, a public policy advocate in Washington. “But I don’t wanna say it’s as good as it could be. It would be nice to see more new entrants, not just incumbents expanding their product line.”

Lessons learned

At a Senate hearing on the AT&T-Time Warner deal in December, officials discussed the lessons of the Comcast deal. One criticism was that the conditions were difficult to enforce, especially for smaller operations.

Project Concord, an online video distributor, said it couldn't get Comcast's "must-see" programming without a lengthy, expensive proceeding. That dispute is in arbitration.

In another complaint, Bloomberg said its TV channel was not located in the same “neighborhood” with other news stations in the viewer guide, including Comcast’s MSNBC and CNBC. Regulators ordered that Bloomberg’s outlet be moved.

The Federal Communications Commission also had to approve the Comcast deal, but it’s not part of the AT&T review. As a result, there may be fewer requirements, which is usually the preference of Republican administrations, too.

“Don’t expect the conditions to go above and beyond the Comcast deal,” Entner said.

AT&T CEO Randall Stephenson has made many public assurances, starting with a pledge to make Time Warner programming available to other distributors and to continue carrying content from unaffiliated creators.

AT&T hasn’t changed negotiating positions with other news channels and won’t penalize competitors’ apps, he said in response to questions from the Senate panel. And it’s committed to no blocking, no throttling and no paid prioritization, he said.

AT&T is paying billions for Time Warner, Stephenson said, “based upon a vision of more, not less, distribution of that content.”

“The idea that we would prevent our customers from getting the content they want would make no business sense and would drive customers away,” he said.

Regulators will want all those promises in writing, along with a way to enforce them.

AT A GLANCE: Comcast commitments

Examples of regulatory conditions in the 2011 Comcast-NBCUniversal merger:

● No retaliation against producers for licensing content to a competitor.

● License NBCU programming to online distributors so they have fair chance to compete.

● Launch 10 independent networks with eight minority-owned or -controlled.

● Offer standalone broadband service for no more than $49.95 per month.

●Preserve and enrich local news and other public interest programs.

● Work with an independent producer to create new weekly business news program.

● Expand broadband network by 1,500 miles per year for three years.

● Ensure journalistic independence of NBCU news groups.

SOURCES: U.S. Justice Department; Comcast filing