Will AT&T keep DirecTV? Struggling pay-TV unit lost 1.2 million customers in third quarter
AT&T has reached a truce with an activist investor critical of its strategy, but the company’s DirecTV unit continues to bleed customers, underscoring the challenges facing the Dallas communications giant and raising questions about AT&T’s long-term commitment to the satellite TV business.
AT&T acquired DirecTV in 2015 and the business has stumbled dramatically since then. During a Monday morning conference call with analysts to discuss its three-year business plan, AT&T Chairman and Chief Executive Randall Stephenson suggested that AT&T wasn’t committed to holding onto DirecTV for the long term, saying the company would “evaluate multiple options and partnerships.”
Elliott Management has pushed for management changes, too, criticizing Stephenson and John Stankey, who runs Warner Media and was recently elevated to chief operating officer at AT&T. “I have every intention to be here,” Stephenson said, adding that he wants to be at the helm as the AT&T finishes its evolution from a phone company to a communications and entertainment behemoth.As part of the agreement with Elliott Management, AT&T pledged not to make any more major acquisitions. It also agreed to add two new board members by 2021. AT&T’s pact with Elliott Management includes a promise to make stock buybacks and a comprehensive review of its porfolio.
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