Elliott Invests $3.2b In At&t, Seeks Changes
Techlife News|September 14, 2019
Activist hedge fund manager Elliott Management is making a new $3.2 billion investment in AT&T, roughly a 1% stake, and calling for changes at the company such as selling assets and paying down debt.

The move comes as AT&T readies a streaming service following its $81 billion purchase of Time Warner. It plans to launch HBO Max in the spring of 2020 as more people cut the cord and move to streaming services. It joins an increasingly crowded field with Disney, Comcast, Apple and others readying their own streaming services.

But Elliott said AT&T has yet to come up with a “clear and strategic rationale” as to why it needs to own Time Warner. A federal appeals court cleared the deal in February.

AT&T said it a statement it will review Elliott Management’s proposals and said many of the actions proposed are things the company is already doing.

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