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.

Chris March Dies: ‘Project Runway’ Designer, ‘Mad Fashion’ Host Was 56
Following his hospitalization, March entered a nursing facility. "The coma lasted about 2 months", March wrote in a statement. The emcee of the show was Tim Gunn of Project Runway and he came up to me afterwards and said that I should try out.

"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.

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