Today, AT&T announced that they are merging their WarnerMedia business into Discovery in a deal that values AT&T’s contribution at $43B. The company had to fight hard against regulatory concerns in order to complete the Time Warner acquisition just 3 years ago. At the time they paid $85B for the company.
AT&T seems to be returning to the strategy they articulated in 2015, just before they started pursuing major transactions not aligned with that strategy. Let’s see if they can demonstrate the discipline this time to stay focused on what they have always been great at doing.