AT&T lost nearly 1.4 million TV customers in Q3
WarnerMedia operating revenue dropped 4.4% as Warner Bros. dropped 10.4% in box-office revenue.
Meanwhile, for the third quarter of 2019, AT&T's pay-TV business continued to be in free-fall, crimping revenue and hurting the bottom line. WarnerMedia revenue in the third quarter dropped 4.4% on a tough comparison with Warner Bros.'s stronger theatrical slate in the year-earlier period.
Last month, Elliott Management urged AT&T to refocus on its core business, criticizing its massive deals for Time Warner and DirecTV as inhibiting its financial performance. During the third quarter of 2019, AT&T dropped a net 1.16 million premium TV video subscribers, including at DirecTV, while its over-the-top AT&T TV Now service dropped 195,000 net customers, for a total net loss of 1.36 million video subs. The company attributed about 225,000 of those losses to programming blackouts. As of the end of the period, AT&T had 21.6 million total video customers, which included 1.1 million AT&T TV Now subscribers — down 3.6 million from 25.
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