Elliott Statement on AT&T

Rhea-AI Summary

Elliott Investment Management L.P. has expressed strong support for AT&T's plan to merge its media assets with Discovery. Managing Partner Jesse Cohn and Portfolio Manager Marc Steinberg highlighted that under CEO John Stankey's leadership, AT&T has made significant progress in streamlining operations and refocusing on core businesses. This move is viewed as a crucial step in enhancing the company's operational execution, financial position, and corporate governance, aligning AT&T for future success.

Positive

• Support for AT&T's merger with Discovery reflects confidence in the company's strategic direction.
• Streamlining operations and refocusing on core businesses enhances operational execution.
• Improved financial position and corporate governance noted as key achievements.

Negative

• None.

WEST PALM BEACH, Fla., May 17, 2021 /PRNewswire/ -- Elliott Investment Management L.P. today released the following statement on behalf of Managing Partner Jesse Cohn and Portfolio Manager Marc Steinberg regarding AT&T's (NYSE: T) plan to merge media assets with Discovery:

"It has been a transformational year at AT&T year since John Stankey took over as CEO, and today's announcement represents another impressive step in the Company's recent evolution. AT&T has now executed on its promise to streamline operations and re-focus on its core businesses, all while improving operational execution, enhancing its financial position and advancing its corporate governance. As investors, Elliott supports AT&T in its efforts to best position the company for future success."

About Elliott
Elliott Investment Management L.P. manages more than $44 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

Media Contact: 

Stephen Spruiell
Elliott Investment Management L.P.
(212) 478-2017
sspruiell@elliottmgmt.com

View original content:http://www.prnewswire.com/news-releases/elliott-statement-on-att-301292551.html

SOURCE Elliott Investment Management L.P.

FAQ

What is Elliott's statement regarding AT&T's merger with Discovery?

Elliott Investment Management expressed strong support for AT&T's merger with Discovery, highlighting it as a strategic move that aligns with the company's recent operational improvements.

Who is the CEO of AT&T and what changes have been made under their leadership?

John Stankey is the CEO of AT&T; under his leadership, the company has streamlined operations and focused on core businesses.

What are the financial implications of AT&T's media asset merger?

The merger is expected to enhance AT&T's financial position, according to Elliott Investment Management.

When was the statement regarding AT&T's merger released?

The statement was released on May 17, 2021.

What does Elliott Investment Management manage in terms of assets?

Elliott Investment Management manages more than $44 billion in assets.