AT&T bows to pressure from activist investor, may sell ailing DirecTV unit

Mere weeks after activist investor Elliott Management publicly pressed AT&T to slash costs and dial down its acquisitions strategy, it appears as if Chairman-CEO Randall Stephenson has knuckled under to those demands. Speaking today on AT&T’s third-quarter earnings call, Stephenson laid out a three-year plan that includes a pledge to conduct a comprehensive review of all non-essential businesses that may be be sold or spun off, while also making a commitment to retire all the debt related to its $85 billion acquisition of Time Warner. Stephenson also said that he plans to stay aboard through at least 2020. This is particularly important, as speculation that he was about to hand the reins to WarnerMedia boss John Stankey may have been one of the factors that precipitated Elliott’s decision to put the squeeze on the AT&T board. “I believe we’re on the threshold of something really remarkable, in terms of the next chapter of AT&T’s storied history,” Stephenson said. “I have every intention of being here, and I will be here through 2020.” Stephenson added that when the time comes for AT&T to choose his successor, the CEO and chairmanship positions will be made separate, a split for which Elliott advocated in its Sept. 9 letter to the board. Stankey, who recently was upped to chief operating officer at AT&T, remains the heir apparent. “Following five-plus years of heavy investment, it’s now time to reap the rewards of these investments and deliver... Continue reading at 'Advertising Age'

[ Advertising Age | 2019-10-28 20:32:03 UTC ]
News tagged with: #streaming services #investment fund #hbo max #unique position #time warner

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Print Unit Sales Rose 10.1% Last Week

Unit sales of print books rose 10.1% last week compared to the week ended April 18 at outlets that report to NPD BookScan. Gains in the adult categories offset a quiet week for sales in the juvenile segments. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-04-30 04:00:00 UTC ]
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[ Publishers Weekly | 2020-04-23 04:00:00 UTC ]
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[ Publishers Weekly | 2020-04-17 04:00:00 UTC ]
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Alicia Keys Can Now Add ‘Best-Selling Author’ to Her Résumé

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[ The New York Times | 2020-04-16 09:00:04 UTC ]
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Print Unit Sales Had Double-Digit Gain Last Week

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[ Publishers Weekly | 2020-04-16 04:00:00 UTC ]
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[ The New York Times | 2020-04-14 13:49:17 UTC ]
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[ The Washington Post | 2020-04-14 06:00:00 UTC ]
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[ Publishers Weekly | 2020-04-09 04:00:00 UTC ]
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[ Publishers Weekly | 2020-04-03 04:00:00 UTC ]
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[ Publishers Weekly | 2020-04-02 04:00:00 UTC ]
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[ The Bookseller | 2020-04-01 12:50:11 UTC ]
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Print Unit Sales Fell 5% in Mid-March

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[ Publishers Weekly | 2020-03-27 04:00:00 UTC ]
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[ Publishers Weekly | 2020-03-26 04:00:00 UTC ]
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[ Publishers Weekly | 2020-03-24 04:00:00 UTC ]
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[ Publishers Weekly | 2020-03-20 04:00:00 UTC ]
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[ Publishers Weekly | 2020-03-19 04:00:00 UTC ]
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[ The Bookseller | 2020-03-13 09:15:04 UTC ]
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[ Publishers Weekly | 2020-03-13 04:00:00 UTC ]
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[ Silicon Valley Business Journal | 2020-03-11 18:26:08 UTC ]
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