It looks like AT&T has begun its buying spree on the heels of a favorable ruling in the Time Warner antitrust case.

The company's top executives have said the telecom giant would pursue several smaller deals to round out its new media- and advertising-heavy strategy.

After completing the firm's $85.4 billion purchase of Time Warner, CEO Randall Stephenson told CNBC, "You should expect some smaller, not like Time Warner, but some smaller M&A in the coming weeks to demonstrate our commitment" to ad-supported business models.

Several news outlets now report AT&T is eyeing deals with advertising tech firm AppNexus and with streaming company Otter Media.