Activist investor says AT&T agreed to separate chairman and CEO roles down the line and evaluate all potential CEO candidates
Telecom giant AT&T on Monday reacted to activist investor Elliott Management with a three-year financial plan and a set of initiatives, saying it would review its asset portfolio, which signaled the potential sale of non-core businesses, engage in "no major" acquisitions and look at changes to its board.
Elliott in a response said it had held conversations with AT&T's management and board about its key concerns and was "supporting the multi-faceted approach to shareholder value creation unveiled by the company today." AT&T on Monday also reported its third-quarter financials, disclosing that it lost 195,000 subscribers at its DirecTV Now streaming service in the third quarter after a 168,000 loss in the second quarter, and lost another 1.2 million premium TV subscribers at DirecTV and U-Verse.
WarnerMedia, led by Stankey, continued to face a potential subscriber headwind at HBO amid a continued blackout on pay TV giant Dish Network. Meanwhile, the Warner Bros. film unit's key release in the third quarter was AT&T will on Tuesday host its formal coming out for the planned HBO Max streaming service in Burbank where it is expected to share the service's pricing and other details.
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