Centrytel, a big regional telco, just swallowed up Embarq, guaranteeing its survival for at least one more winter. Silicon Alley Insider reports: Expect to see more of this: Regional phone companies teaming up to squeeze out every possible scale advantage as they decline in relevance. This morning, CenturyTel (CTL) announced it was picking up Embarq (EQ) for $5.8 billion in stock and will assume $5.8 billion in debt. (Sprint Nextel (S) spun Embarq off 2.5 years ago to focus on its wire