AT&T has unveiled a three-year plan that includes adding two new board members, selling up to $10 billion worth of assets next year and paying off its debt from the purchase of Time Warner For more business news, follow ReutersBiz
) on Monday unveiled a three-year strategic plan that included adding two new board members, selling off up to $10 billion worth of non-core businesses next year and paying off all its debt from the purchase of Time Warner, bowing to pressure from activist investor Elliott Management.
But its heavy debt load and declining revenue from segments like satellite provider DirecTV brought criticism from Elliott, which revealed a $3.2-billion stake in AT&T in September.AT&T announced the plan on the day it released third quarter results that saw worsening results in several areas, including satellite provider DirecTV and WarnerMedia, which includes the Turner TV networks and premium channel HBO.
While DirecTV will be an important piece of AT&T’s strategy over the next three years, AT&T will consider multiple options including partnerships and other structures, Stephenson said.In a letter to shareholders supporting the plan, Elliott Management said AT&T would evaluate all potential CEO candidates and separate the role of Chairman and CEO.
“We commend AT&T for the positive steps announced today, which will create substantial and enduring shareholder value at one of America’s greatest companies,” Elliott said in a statement.
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