NEW YORK (CNN/Money) - Analysts are skeptical of a possible deal between AT&T Wireless and Deutsche Telekom's Voicestream that would combine the two companies into the nation's second biggest wireless operator, claiming the benefits weren't obvious, a newspaper reported Thursday.

The advantages for AT&T aren't clear, as Deutche Telekom has a huge debt-load and would probably want a large stake in the new company because it owns 100 percent of Voicestream, analysts said, according to the Wall Street Journal.

Also, the chairman of SBC Communications, which owns 60 percent of Cingular Wireless, is interested in a deal between Cingular and Voicestream, the newspaper article said, citing sources familiar with the situation.

Cingular, which already uses some of Voicestream's lines in areas where the company does not have its own, uses the same GMS technology as Voicestream. AT&T Wireless has begun converting to GMS, the report said.

Representatives from AT&T Wireless, Voicestream and Cingular declined to comment to the Journal, the report said.