Elliott invests $3.2B in AT&T, seeks changes

Elkhart Indiana. The crowd filled the 7,500-person-capacity gymnasium

Elkhart Indiana. The crowd filled the 7,500-person-capacity gymnasium

AT&T is grappling with subscriber losses at satellite-distributor DirecTV, which it acquired for $49 billion in 2016 and working to reduce debt after buying the former Time Warner for $85 billion previous year.

9 that an activist investor's move on AT&T including questioning its past business decisions like the takeover of Time Warner-CNN's parent company-was "great news", while taking the opportunity to repeat his criticism of the network's news reporting.

"Over the past decade, AT&T's shareholder returns have underperformed the S&P 500 by well over 100 percentage points", Elliott Management said in a statement. AT&T shares climbed as much as 8pc as traders placed their bets for the battle to come.

The letter quickly drew a tweet from President Trump, who opposed the Time Warner acquisition and has long sparred with Time Warner unit CNN over its coverage of his campaign and presidency.

The plan ranges from divesting certain businesses, eliminating $5 billion in costs, reviewing how it allocates capital and urging CEO Randall Stephenson, who has led the company since the financial crisis, to stop making acquisitions.

The shareholder suggested that AT&T's move into what it believes are non-core markets - DirecTV and WarnerMedia among them - "has not only contributed directly to its profound share price underperformance, but has also caused distractions that have contributed to the Company's recent operational underperformance". Elliott declined to comment on Trump's tweet about the firm's investment in AT&T. Volume in the company's stock was higher-than-normal, standing at more than 74.1 million shares.

Cameroon legend Samuel Eto'o retires
He later had short spells at Everton, Sampdoria and Antalyaspor, before moving to Konyaspor and then Qatar SC. Eto'o then spent two years in Russian Federation with Anzhi Makhachkala before joining Chelsea in 2013.

"AT&T's Board and management team firmly believe that the focused and successful execution of our strategy is the best path forward to create long-term value for shareholders", the company said.

Elliott took aim at AT&T's $85 billion acquisition of media company TimeWarner Inc previous year and the $49 billion purchase of satellite television provider DirecTV in 2015.

AT&T said in a statement to FOX Business that its management team and board of directors "maintain a regular and open dialogue with shareholders and will review Elliott Management's perspectives in the context of the company's business strategy".

The TimeWarner acquisition gave it control of HBO and CNN and took more than two years to close, as it was heavily scrutinized by antitrust authorities and even questioned by Trump.

The deal was seen as a turning point for a media industry that has been upended by companies like Netflix Inc NFLX.O and Alphabet Inc's GOOGL.O Google, which produce content and sell it online directly to consumers without a cable subscription.

AT&T has missed revenue expectations five times in the past eight quarters, according to Refinitiv data.

Recommended News

  • Xiaomi Mi Charge Turbo 30W wireless charging released

    Xiaomi Mi Charge Turbo 30W wireless charging released

    The specifics of the working of this technology are not very clear at this stage since the presentation and source are in Chinese. The other charger is a larger 20W charger which frees up the user from the hassle of aligning their phone perfectly.
    Amol Muzumdar appointed South Africa batting coach for India Tests

    Amol Muzumdar appointed South Africa batting coach for India Tests

    I had a "working relationship" with a lot of their players over the years, when they've come here. 'Amol is a flawless fit for us. South Africa are scheduled to play three Tests versus India in Visakhapatnam, Pune and Ranchi, starting on October 2.
    Here's Everything We Know About The Disney+ Canada

    Here's Everything We Know About The Disney+ Canada "Lizzie McGuire" Reboot

    Unfortunately, Duff didn't say whether Lamberg will appear in the sequel series, but it's not totally out of the realm of possibility.
  • USA doctors urge public to quit vaping as deaths, illnesses rise

    They are sold commercially, and are marketed as safer ways to consume tobacco and marijuana than through burning in a cigarette. Officials have emphasized that it is not yet certain that vitamin E acetate is the cause of the illnesses.
    Camila Mendes Says She Was Roofied and Sexually Assaulted in College

    Camila Mendes Says She Was Roofied and Sexually Assaulted in College

    Camila Mendes poses for the cover of Women's Health's October 2019 issue and opens up about being a role model for young women. Well we're certainly happy that Cami is on the road to recovery and finding her strength to speak out on such important issues.
    Justin Timberlake heading back to the big screen

    Justin Timberlake heading back to the big screen

    The drama will be directed by Fisher Stevens with principal photography taking place late fall. Timberlake is represented by WME and LBI Entertainment, while Stevens is repped by CAA.
  • Ronaldo's 162 million euro deal with Nike

    Ronaldo's 162 million euro deal with Nike

    Interestingly, Ronaldo was at Real Madrid player when he signed the deal, but he moved to Juventus in the summer of 2018. The money continues to flood in for Juventus star and five-time Ballon d'Or victor Cristiano Ronaldo .
    Stream Post Malone’s Album ‘Hollywood’s Bleeding’

    Stream Post Malone’s Album ‘Hollywood’s Bleeding’

    Kanye West even lends his talents behind the scenes, co-writing "Internet", a rejection of social media and technology. Track #9, "Take What You Want" has an interesting combination of artists featured: Travis Scott and Ozzy Osbourne .
    Volkswagen e-Beetle debuts e-Up's updated drivetrain

    Volkswagen e-Beetle debuts e-Up's updated drivetrain

    Volkswagen says the e-Up can complete the 0-100km/h standard in 11.9s, hit a top speed of 130km/h, and has a 260km driving range. It's an interesting twist on classic auto motoring, and a concept that could carry the hobby well into the future.
  • China's giant telescope picks up signals from deep space

    China's giant telescope picks up signals from deep space

    Repeated fast radio bursts (FRB), occurring at a distance of about 3 billion light-years from Earth have been picked up. In China it is given the FAST nickname because Tianyan is a radio telescope which has a 500 meter diameter dish.
    Microsoft releases preview of rebooted PowerToys for Windows 10

    Microsoft releases preview of rebooted PowerToys for Windows 10

    Tools that are on the way include a screen recorder that outputs animated GIFs and maximize to new desktop widget, among others. The Windows Key Shortcut Guide offers a full-screen overlay that shows keyboard shortcuts for the window that's now in focus.
    Hurricane Dorian is sending bricks of cocaine to Florida beaches

    Hurricane Dorian is sending bricks of cocaine to Florida beaches

    A photo of the brick shows the brick with the letters "D-I-A-M-A-N-T" visible. "The item was taken into custody", Mall said. The collective street value of the 16 bricks found on Paradise and Cocoa Beaches is thought to be around $400,000.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.