John Stankey, who performed a central function in AT&T’s push into leisure earlier than losing of the ones money-losing belongings as CEO, signaled a brand new day in his opening remarks on the corporate’s investor day.
“As of late, we’re all for taking a look ahead,” he mentioned. “We’re arising quickly on a large transition at AT&T: a extra centered corporate, a extra centered control group, a dedication to being the most efficient with our assets aligned with that function.”
For the closing 18 months, “we’ve been positioning ourselves for this fact,” Stankey added, alluding to the derivative of DirecTV and the approaching spin of WarnerMedia right into a merged entity with Discovery. The $43 billion Warner-Discovery deal is predicted to near subsequent month. Remaining yr, AT&T finished the spin of DirecTV right into a stand-alone unit 30%-owned by means of personal fairness company TPG.
The ones ill-starred offers ended an unsuccessful foray into pay-TV and leisure, which wound up costing buyers tens of billions of bucks. With the ones belongings off of its steadiness sheet — plus quite a few different divestitures, of anime logo Crunchyroll and Latin American satellite tv for pc TV operator Vrio — the corporate will go back to its telecom roots.
“After retrenching from leisure, now we have extra paintings to do to tell apart our connectivity,” he mentioned. “We’re now not speaking about transformative M&A right here. As an alternative, we’re all for creating device and functions that lay on most sensible of our community and optimize our connectivity worth proposition.”
Not like prior investor occasions, Stankey signaled in his opening phase that the corporate didn’t plan to “proportion our conclusions or projections these days” for the streamlined new entity.
The Dallas match was once streamed on-line, and was once scheduled to finish with a Q&A consultation with Wall Boulevard analysts, following government displays. Take a look at again right here for any updates.