Brazil’s antitrust authorities may present bigger challenges to AT&T’s $85 billion bid for Time Warner than U.S. ones might. A staff report from the country’s Administrative Council for Economic Defense — known as Cade — says the corporate union might violate laws that bar pay TV distributors from also owning content, Bloomberg reports. AT&T’s 2015 acquisition of DirecTV also gave it 93% of Sky Brasil — the country’s No.