Reuters
AT&T readies for revamped firm after sale of media unit
AT&T Inc’s WarnerMedia unit reported solid fourth-quarter revenue growth on Wednesday, helped by new customers for its HBO Max streaming service, but shares of AT&T fell 3% as the market absorbed whether its core wireless business could propel future growth. After facing skepticism from investors over its expensive endeavor to become a media powerhouse, AT&T struck a deal to merge WarnerMedia with Discovery Inc, which it now expects to close in the second quarter. The company will detail its plans to attract new types of wireless customers and how it will refine its brand post-WarnerMedia at a virtual analyst day in March, said AT&T Chief Executive John Stankey, during an earnings call with analysts on Wednesday.
