AT&T Books $15.5 Billion Charge on DirecTV Unit
January 27 2021 - 7:36AM
Dow Jones News
By Drew FitzGerald
AT&T Inc. booked a $15.5 billion charge on its pay-TV
business, reflecting the damage cord-cutting has taken on its
DirecTV satellite unit even as the company's HBO Max streaming
service's growth ramped up.
The write-down resulted in a fourth-quarter loss and comes as
the media and telecom giant has been exploring a potential sale of
part of its legacy pay-TV business. The company reported quarterly
revenue declines in the DirecTV business and WarnerMedia units,
offsetting gains in its core wireless phone division.
Overall, AT&T reported a fourth-quarter loss of $13.89
billion, or $1.95 a share. Revenue fell 2.4% to $45.7 billion.
Write to Drew FitzGerald at andrew.fitzgerald@wsj.com
(END) Dow Jones Newswires
January 27, 2021 07:21 ET (12:21 GMT)
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