The "Fast Money" traders debated on Wednesday if competitors can match AT&T's impending merger with Time Warner, after the telecom giant reported earnings in line with expectations Wednesday. 

The telecom giant's fourth quarter earnings met Wall Street expectations at 66 cents per share, but missed on revenue. The company reported a revenue of $41.8 billion, lower than the $42.04 billion expected, according to Thomson Reuters consensus estimates. 

Trader Dan Nathan said he sees AT&T as a leader in the telecom space as it "tries to go vertical with its offereing." He said there's a lot of pressure for Verizon to create a similar Time Warner merger. 

Trader Steve Grasso said he likes the other side of the merger, Time Warner, because of a 12 percent upside if the deal goes through. He also likes "disruptors" like T-mobile and Sprint, which are up 22 and 41 percent in the last 3 months, respectively. 

Trader Tim Seymour said AT&T could potentially be spending more money, especially if its competitiors begin to reach for entertainment content as well. 

Trader Guy Adami suggested Netflix as a name for these companies to pursue as a target.

 "If you want to get into the content game — content and disrubiton — nobody seems to do it better than Netfilx," Adami said. 

Disclosures:

GUY ADAMI

Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.

STEVE GRASSO

Steve Grasso's firm is long: AGN, BIIB, CHK, COG, CUBA, DIA, FCX, ICE, KDUS, MFIN, MJNA, MSFT, NE, REGN, RIG, SPY, TITXF, VIRT,WDR, WLL, ZNGA. Grasso is long: CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, QCOM, SPY, T, TWTR. GRASSO'S KIDS OWN: EFA, EFG, EWJ, IJR, SPY. NO SHORTS.

PETE NAJARIAN

Pete Najarian Own Calls :A, AKS, BLL, BVN, BZH, CCL, CHK, CLF,CNX, DVN, ETP, GDX, GILD, HA, HRL, KORS, MRVL, INTC, JBLU ,KKMB, LVS, MT, NEM, P, RIO, SLV, TV, UUP, XLF, WFT, WLC He owns long stock: AAPL, BLL, DIS, DISCA, GE, GILD, HD, INTC, JWN, KMI, KMIA, KO,KORS, LVS, MRK, MSFT, PEP, PFE, WYNN, XLNX, ZIOP He owns long puts: GGP, PJC, X

DAN NATHAN

Dan Nathan is long MCD Feb put. XLI Long Feb Put Spread, FXI long Feb put spread

TIM SEYMOUR 

Tim Seymour is long ABX, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; 

Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM