AT&T's big win in the U.S. could be paralleled in Latin America thanks to the popularity of properties owned both by AT&T and Time Warner. According to Market Realist, HBO and Cinemax generate a majority of their revenues in international markets through subscription to its OTT (over-the-top) services. In fiscal 2Q16, HBO’s revenues rose by double digits, indicating its popularity. After success in Mexico, the company launched HBO Now in Argentina, Spain, and Brazil.

AT&T 3Q16 company presentation

AT&T in Latin America

AT&T has a significant footprint in Latin America since it acquired DirecTV. Time Warner’s acquisition by AT&T would result in combining Time Warner’s premium content with DirecTV’s pay-TV operations in Latin American markets, which could boost its pay-TV subscriber base. However, AT&T planned to launch an IPO for DirecTV Latin America in March. Even though the IPO was suspended in April, the company might reconsider it in order to pay down some of the debt it'll acquire after the Time Warner acquisition.