VIP+ chief media analyst awallenstein and media analyst heidi_chung discuss why not even a record quarter can boost $T stock
Perfection is rarely achieved in movies, but this heaven-sent concert doc hits the sweet spot. Over two days in January 1972, the Queen of Soul, Aretha Franklin — she was 29 at the time — sweeps into the New Temple Missionary Baptist Church in Watts in front of a congregation and testifies to God in song. The blessed thing took nearly half a century to come out because director Sydney Pollack failed to sync the image with the sound.
Here was the good news from the third quarter: AT&T’s communications business didn’t see the deceleration that many on Wall Street had been expecting, at least not yet. It added a whopping 928,000 postpaid wireless subscribers, which was a 44% increase from the year-ago period and a nearly 18% gain from Q2. Revenue from its mobility business jumped 7% to $19.14 billion. Management noted that it was the best postpaid phone net add quarter in more than 10 years.
AT&T spent more than $160 billion to acquire both DirecTV and WarnerMedia. Following those acquisitions, AT&T’s balance sheet is one of the weakest in the industry. The telecom company has a massive debt load of more than $170 billion. But it is trying to claw its way back and divesting and spinning off its media units is the start.
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