In this paper, we design a hedonic pricing model to estimate the dynamic impact of entry and merger on access and usage prices in a context of mixed bundling between two independent services with respectively high and low valuations. Using telecommunications tariffs data from OECD operators and a double difference matching estimation strategy, we find that entry does not raises the access price of the services, irrespective of their valuation and whether in standalone or in bundle. However, merger does increase the bundle access price for the low valuation service while decreasing the standalone access price for the high valuation service. Although both the standalone and bundle usage prices of the low valuation service are also not affected by entry, they fall following a merger. For the high valuation service, entry decreases its standalone usage price while raising its bundle usage price. The inverse holds for merger.