Several Wall Street analysts offered upbeat reactions to WarnerMedia’s investor day and HBO Max reveal, helping push AT&T shares fractionally higher Wednesday. AT&T COO John Stankey, …
, meanwhile, sat down with CNBC for a lengthy interview with CNBC that may raise an eyebrow or two in WarnerMedia’s film and TV operations. He described the “hard pivot” still under way at the company and explained why the ad-supported version of HBO Max got so little mention during the two-and-a-half-hour event.
UBS analyst John Hodulik, who has a “buy” rating on AT&T, found the presentation compelling, though he still wonders how the company will make good on plans to add 16 million new subscribers by 2025. “It’s unclear if offering more content at the same price will be enough to expand the total HBO base,” he wrote in a note to clients, “especially against the backdrop of new lower price competitors coming to market.
Stankey, meanwhile, described to CNBC’s David Faber the “hard pivot” he has overseen at WarnerMedia, initially as CEO and now as COO of AT&T. “We’ve made great progress,” he maintained, but conceded the road hasn’t been smooth. “It’s been moments of disruption and displacement and anxiety that have occurred. But we’re in a much better place right now than we were at the date of the transaction close,” in June 2018.
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