AT&T’s second quarter earnings call this week hinted at how it plans to regurgitate Time Warner once it swallows the business, a deal which looks an increasing inevitability to close by year end. The strategic direction seems on the surface to be a carbon copy of the DirecTV acquisition, by bundling OTT video with wireless packages to reduce churn. The company talked up a successful quarter in achieving churn reduction, but we’d like to highlight straight away that it would take a miracle to stem losses from its satellite and U-verse TV sectors, while reducing churn in its cellular business is a different story altogether. Time Warner and its content clout, which includes HBO, Warner Brothers, TNT, CNN and TBS,…