Here are a couple of AT&T logos I'm proposing:
Concept 1: Brand Names
This takes on the idea that each part of AT&T acquired by AT&T has brand equity and worth. Aside from concerns about retaining brand equity, I think there's something that rings true about a logo that says, "Well, hey, we're a company built on mergers and acquisitions." Hell, it kind of says that we own up to it and we're damn proud of it: "We ARE mergers and acquisitions." It's also designed to echo the old AT&T logo, giving it a little twist in the process.

(1) Two-Color Logotype

(2) Alt Two-Color Logotype (blocks match up with the length of each name)

(3) Reverse Two-Color Logotype
Concept 2: Brand Colors
This is a concept based on the EU barcode designed by AMO/Rem Koolhaas. Each color represents each company owned by AT&T. Each is given a length based on the amount of the company that comprises the value of AT&T, including Cingular and the old AT&T Mobility. What about values of companies merged into a company then merged again into AT&T? They get a 25% fade into the color of the new company with length based on % value of the company at the time of the merge into the company merged into AT&T (eg, Pacific Bell Mobility gets 20% of the Cingular bar with a 25% fade into the orange of the Cingular bar).
This mockup will come later.
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