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The Rise and Decline of a Media Powerhouse: AT&T Timeline (1)

May 17, 2021, 2:17 PM

It was supposed to be the ultimate alliance of content and distribution -- a media powerhouse that could deliver personalized entertainment to millions of wireless and home internet subscribers, with advertising tailored to their tastes.

But the streaming revolution has moved faster than AT&T Inc. expected since its deals with DirecTV and Time Warner, siphoning away the television subscribers who were supposed to fund its programming investments. Shareholders remained skeptical, and one prominent activist investor intervened.

Now AT&T is poised to spin off its media operations as part of a deal with Discovery Inc. Here’s how the marriage of its ...