Now that the buzz has begun, it sounds so simple. News agencies reported today that Time Warner's (NYSE:TWX) cable unit is in talks to make a deal with Sprint (NYSE:FON) to provide wireless service. That's the last frontier in cable companies' increasing encroachment on what has been traditionally the telecom landscape.

It's no secret that cable companies like Comcast (NASDAQ:CMCSA) and Cox (NYSE:COX) have been quite successfully luring their customers to economic package deals that include not only cable television but also high-speed Internet connections and even digital telephone services.

Telecom companies aren't taking it lying down; for example, Verizon (NYSE:VZ) is trying to dole out a dose of the same medicine by adding interactive television content in select test markets.

If cable companies are playing Ma Bell, it's certainly no shock to suspect that they might want to kick in cellular services as well. I question exactly what kind of terms Sprint would require for what seems would be an uneasy partnership. After all, wireless has been a bright spot for telecom companies, while more traditional services like long distance have proven to be dead in the water and innovations like voice over Internet protocol have added to the deterioration. Meanwhile, a new kind of consumer is being created: regardless of whether they're getting it from a cable or telecom provider, perhaps soon, there will be nothing but clamor for one bill for all communications needs.

For my own part, when I muse on what stocks, in what industries, that I'd like to look into, I can't say telecom is high on my list. Although there's nothing wrong with picking winners from the beleaguered industry (for example, MCI (NASDAQ:MCIP) is a Motley Fool Inside Value stock and SBC Communications (NYSE:SBC) is a Motley Fool Stock Advisor pick, both of which have since provided upside), I myself find the ongoing churn, cutthroat competition, and consolidation in the industry personally too risky, especially with cable companies in the fray. (To each his or her own, of course.)

Furthermore, given news like this, it makes me wonder if the future of telecom is... cable. These are industries where it bodes well to stay tuned for the next phase, which many of us might watch with interest. However, today's word on Time Warner and Sprint, while interesting, is still all talk, and no action... yet.

Time Warner and SBC are Motley Fool Stock Advisor picks; MCI is a Motley Fool Inside Value pick. Talk about this development to other investors on our Time Warner discussion board.

Alyce Lomax does not own shares of any of the companies mentioned.