When we first analyzed out the fate of the Latin American arm of DirecTV under AT&T, it was without the context of the company also bidding for Time Warner, a move which now complicates the approvals process throughout Latin America. The fairly glib pronouncements last week that Brazil regulators were against the Time Warner deal, but Mexico’s were in favor, hides a devil of a lot of detail. We said in that first analysis in 2016 that we saw Sky Brazil being sold to use the funds to shore up capex in Mexico, where the relationship between AT&T’s new cellular operations and Sky Mexico might be strengthened. Joint owner Televisa might even by bought out. Of course Mexico’s Federal Telecommunications…