John Stankey, chief executive
officer of AT&T Inc.* (NYSE:T), spoke recently at the Goldman
Sachs Communacopia Conference, where he provided an update to
shareholders.
In discussing the company’s priorities since he became CEO last
year, Stankey said AT&T has now successfully restructured its
asset base to position its largest remaining entities – AT&T
Communications and WarnerMedia – to better capitalize on the
long-term structural tailwinds of each of their respective markets.
Following the close of the WarnerMedia-Discovery transaction,
Stankey believes AT&T Communications and Warner Bros. Discovery
will each have the right scale, capital structure and asset base to
lead their respective industries.
The company is pleased with early momentum in its strategic
areas of focus underscored by continued strength in 5G, fiber and
HBO Max subscribers. However, to deliver on the long-term benefits
of management’s vision, Stankey recognizes that the company must
continue to consistently execute, innovate, drive out additional
costs and build upon its recent market momentum to improve its
value proposition across all of its customer segments.
In AT&T’s wireless unit, customers have been receptive to
the company’s simplified and consistent go-to-market strategy
combined with its network quality. AT&T’s network is performing
as well as ever, recently winning recognition as the Nation’s Best
5G Network1 and, for the fourth straight year, America’s Best
Wireless Network2 overall. This has helped drive improved
subscriber growth trends and lower churn, indicating that customers
are happy with the combination of service and network quality
AT&T delivers. AT&T expects to continue to invest — and has
the ability to accelerate that investment if warranted — to deliver
5G capabilities to its expanding customer base, particularly as new
applications and use cases for the technology emerge.
AT&T continues to deploy fiber across its wired footprint
and remains confident in its ability to reach about 2.5 million
incremental customer locations passed by the end of 2021. As
previously noted, AT&T has experienced some disruption in its
supply chain. However, the company now believes this has been
addressed and remains comfortable with its long-term guidance to
reach 30 million locations by the end of 2025. Stankey believes
AT&T’s multi-year investment plan will give the company a
competitive advantage as it deploys technology that delivers 25X
faster upload speeds than cable.3
Stankey indicated that AT&T continues to expect to close the
pending WarnerMedia-Discovery transaction in mid-2022. In the
interim, AT&T remains focused on expanding HBO Max’s global
footprint. HBO Max launched in 39 Latin America territories in June
and is set to launch in six European countries next month, with
plans to launch in at least 14 additional European territories in
2022. AT&T expects HBO Max subscriber growth in the second half
of 2021 to primarily come from outside the United States,
reflecting the strategic decision to cease offering HBO Max on
Amazon Channels. While AT&T expects this decision will likely
impact total HBO Max / HBO domestic subscribers and net additions
in the third quarter, Stankey said he is encouraged by initial
international subscriber activity and believes exciting content
launches in the second half of 2021 and first half of 2022 will
help drive continued subscriber growth. AT&T continues to
expect to reach 70 million to 73 million global HBO Max and HBO
subscribers by the end of 2021.4
1 AT&T awarded Best 5G Network by GWS OneScore 2021. GWS
conducts paid drive tests for AT&T and uses the data in its
OneScore analysis. AT&T 5G requires compatible plan and device.
5G not available everywhere. Go to att.com/5Gforyou for details. 2
AT&T awarded Best Network by GWS OneScore 2021. GWS conducts
paid drive tests for AT&T and uses the data in its OneScore
analysis. AT&T 5G requires compatible plan and device. 5G not
available everywhere. Go to att.com/5Gforyou for details.
3Comparison of Internet 1000 wired upload connection speed to
Xfinity, Spectrum & COX 1Gig and 1.2Gig service with uploads of
35 Mbps. For more information, go to www.att.com/speed101. 4 Global
HBO Max and HBO subscribers consist of domestic and international
HBO Max and HBO subscribers, and exclude free trials, basic and
Cinemax subscribers.
*About AT&T AT&T Inc. (NYSE:T) is a diversified,
global leader in telecommunications, media and entertainment, and
technology. AT&T Communications provides more than 100 million
U.S. consumers with entertainment and communications experiences
across mobile and broadband. Plus, it serves high-speed, highly
secure connectivity and smart solutions to nearly 3 million
business customers. WarnerMedia is a leading media and
entertainment company that creates and distributes premium and
popular content to global audiences through its consumer brands,
including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC
Entertainment, New Line, Cartoon Network, Adult Swim and Turner
Classic Movies. Xandr, now part of WarnerMedia, provides marketers
with innovative and relevant advertising solutions for consumers
around premium video content and digital advertising through its
platform. AT&T Latin America provides pay-TV services across 10
countries and territories in Latin America and the Caribbean and
wireless services to consumers and businesses in Mexico.
AT&T products and services are provided or offered by
subsidiaries and affiliates of AT&T Inc. under the AT&T
brand and not by AT&T Inc. Additional information is available
at about.att.com. © 2021 AT&T Intellectual Property. All rights
reserved. AT&T, the Globe logo and other marks are trademarks
and service marks of AT&T Intellectual Property and/or AT&T
affiliated companies. All other marks contained herein are the
property of their respective owners.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial
estimates and other forward-looking statements that are subject to
risks and uncertainties, and actual results might differ
materially. A discussion of factors that may affect future results
is contained in AT&T’s filings with the Securities and Exchange
Commission. AT&T disclaims any obligation to update and revise
statements contained in this news release based on new information
or otherwise.
This news release may contain certain non-GAAP financial
measures. Reconciliations between the non-GAAP financial measures
and the GAAP financial measures are available on the company’s
website at https://investors.att.com.
Cautionary Statement Concerning Forward-Looking
Statements Information set forth in this communication,
including financial estimates and statements as to the expected
timing, completion and effects of the proposed transaction between
AT&T, Magallanes, Inc. (“Spinco”), and Discovery, Inc.
(“Discovery”) constitute forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These estimates and statements are
subject to risks and uncertainties, and actual results might differ
materially. Such estimates and statements include, but are not
limited to, statements about the benefits of the transaction,
including future financial and operating results, the combined
Spinco and Discovery company’s plans, objectives, expectations and
intentions, and other statements that are not historical facts.
Such statements are based upon the current beliefs and expectations
of the management of AT&T and Discovery and are subject to
significant risks and uncertainties outside of our control. Among
the risks and uncertainties that could cause actual results to
differ from those described in the forward-looking statements are
the following: the occurrence of any event, change or other
circumstances that could give rise to the termination of the
proposed transaction; the risk that Discovery stockholders may not
approve the transaction proposals; the risk that the necessary
regulatory approvals may not be obtained or may be obtained subject
to conditions that are not anticipated; risks that any of the other
closing conditions to the proposed transaction may not be satisfied
in a timely manner; risks that the anticipated tax treatment of the
proposed transaction is not obtained; risks related to potential
litigation brought in connection with the proposed transaction;
uncertainties as to the timing of the consummation of the proposed
transaction; risks and costs related to the implementation of the
separation of Spinco, including timing anticipated to complete the
separation, any changes to the configuration of the businesses
included in the separation if implemented; the risk that the
integration of Discovery and Spinco being more difficult, time
consuming or costly than expected; risks related to financial
community and rating agency perceptions of each of AT&T and
Discovery and its business, operations, financial condition and the
industry in which it operates; risks related to disruption of
management time from ongoing business operations due to the
proposed merger; failure to realize the benefits expected from the
proposed merger; effects of the announcement, pendency or
completion of the proposed merger on the ability of AT&T,
Spinco or Discovery to retain customers and retain and hire key
personnel and maintain relationships with their suppliers, and on
their operating results and businesses generally; and risks related
to the potential impact of general economic, political and market
factors on the companies or the proposed transaction. The effects
of the COVID-19 pandemic may give rise to risks that are currently
unknown or amplify the risks associated with the foregoing
factors.
These risks, as well as other risks associated with the proposed
transaction, will be more fully discussed in the proxy
statement/prospectus that will be included in the registration
statements that will be filed with the SEC in connection with the
proposed transaction. Discussions of additional risks and
uncertainties are contained in AT&T’s and Discovery’s filings
with the Securities and Exchange Commission. Neither AT&T nor
Discovery is under any obligation, and each expressly disclaims any
obligation, to update, alter, or otherwise revise any
forward-looking statements, whether written or oral, that may be
made from time to time, whether as a result of new information,
future events, or otherwise. Persons reading this announcement are
cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date hereof.
Additional Information and Where to Find It This
communication may be deemed to be solicitation material in respect
of the proposed transaction between AT&T, Spinco, and
Discovery. In connection with the proposed transaction, AT&T,
Spinco and Discovery intend to file relevant materials with the
Securities and Exchange Commission (“SEC”), including a
registration statement on Form S-4 by Discovery that will contain a
prospectus of Discovery and Spinco that also constitutes a proxy
statement of Discovery, and a registration statement by Spinco.
This communication is not a substitute for the registration
statements, proxy statement/prospectus or any other document which
AT&T, Spinco or Discovery may file with the SEC. STOCKHOLDERS
OF AT&T AND DISCOVERY ARE URGED TO READ ALL RELEVANT DOCUMENTS
FILED WITH THE SEC, INCLUDING THE REGISTRATION STATEMENT AND PROXY
STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security
holders will be able to obtain copies of the proxy
statement/prospectus (when available) as well as other filings
containing information about AT&T, Spinco and Discovery,
without charge, at the SEC’s website, http://www.sec.gov. Copies of
documents filed with the SEC by AT&T or Spinco will be made
available free of charge on AT&T’s investor relations website
at https://investors.att.com. Copies of documents filed with the
SEC by Discovery will be made available free of charge on
Discovery’s investor relations website at
https://ir.corporate.discovery.com/investor-relations.
No Offer or Solicitation This communication is for
informational purposes only and is not intended to and does not
constitute an offer to sell, or the solicitation of an offer to
subscribe for or buy, or a solicitation of any vote or approval in
any jurisdiction, nor shall there be any sale, issuance or transfer
of securities in any jurisdiction in which such offer, sale or
solicitation would be unlawful, prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, and otherwise in accordance with
applicable law.
Participants in Solicitation AT&T and its directors
and executive officers, and Discovery and its directors and
executive officers, may be deemed to be participants in the
solicitation of proxies from the holders of Discovery capital stock
and/or the offering of Discovery securities in respect of the
proposed transaction. Information about the directors and executive
officers of AT&T is set forth in the proxy statement for
AT&T’s 2021 Annual Meeting of Stockholders, which was filed
with the SEC on March 11, 2021. Information about the directors and
executive officers of Discovery is set forth in the proxy statement
for Discovery’s 2021 Annual Meeting of Stockholders, which was
filed with the SEC on April 30, 2021. Investors may obtain
additional information regarding the interest of such participants
by reading the proxy statement/prospectus regarding the proposed
transaction when it becomes available.
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version on businesswire.com: https://www.businesswire.com/news/home/20210922005712/en/
Fletcher Cook AT&T Inc. Phone: (214) 912-8541 Email:
fletcher.cook@att.com
Daphne Avila AT&T Inc. Phone: (972) 266-3866 Email: daphne.avila@att.com
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