Dealmaking's been all the rage in the U.S. telecom market over the last year or so. While many of the most prominent names have been making splashes during this most recent wave, one company that's been noticeably absent from the headlines is AT&T (T -0.04%). However, all that changed recently when AT&T's name surfaced in connection with a Spanish telecom giant. So what's the scoop? In the video below, Fool contributor Andrew Tonner sheds some light on these recent rumors.