This blog replaces one about BT trying to sell its expensively fashioned TV assets. AT&T is also bailing from TV, and its entanglement with entertainment makes BT’s foray look cheap and well managed.
While AT&T keeps a big stake, the maths isn’t appetising from their stockholder’s point of view. The new company has a proforma enterprise value of $76 billion net of debt, of which AT&T has 71 per cent. Three years ago, AT&T paid over $85 billion for Warner Media. And they’ve already sold off their other big tv play, DirecTV, for a distressing price.