AT&T (T) and Comcast Corporation (CMCSA) are in constant competition for cable and Internet subscribers. Over the past few years, they have each made huge moves to boost their TV businesses.

And, they are both dividend stocks. AT&T is a legendary dividend stock. It is a member of the Dividend Aristocrats, which are companies that have raised their dividends for 25+ consecutive years.

You can see the entire list of Dividend Aristocrats here.

Comcast suspended its dividend from 1999-2008. But since it reinstated the dividend in 2008, it has increased its shareholder payout each year.

That means it won’t be long before Comcast qualifies as a Dividend Achiever, a group of companies with 10+ consecutive years of dividend increases.

AT&T and Comcast have similar business models, but they offer very different dividends.

When it comes to which dividend stock is better, the answer may depend on how long of an investing time horizon you have.

Business Overview

AT&T operates four main segments:

The wireless and TV businesses are its strongest areas right now.

Source: Fourth Quarter Earnings Presentation, page 6

AT&T’s full-year revenue increased 11.6% in 2016, thanks mostly to its $49 billion acquisition of satellite TV provider DirecTV.

Source: Fourth Quarter Earnings Presentation, page 5

AT&T’s fourth-quarter results were fairly weak. Revenue declined 0.7% from the 2015 fourth quarter. However, thanks to cost cuts, adjusted earnings-per-share increased 4.7% for the quarter.

Meanwhile, Comcast is a highly-diversified company. In addition to Internet and TV service, Comcast has a large media and consumer business.

Comcast acquired the remaining 51% of NBCUniversal it didn’t already own in 2013, for $16.7 billion. NBCUniversal then acquired Dreamworks in 2016, for $3.8 billion.