AT&T is in talks with Elliott Management to resolve the activist investor’s campaign for change at the telecom giant, people familiar with the matter say
By Corrie Driebusch, Drew FitzGerald and Dana Cimilluca Oct. 17, 2019 5:19 pm ET AT&T Inc. T 0.05% is in talks with Elliott Management Corp. to resolve the activist investor’s campaign for change at the phone and media giant, people familiar with the matter said.
AT&T recently delayed the release of its quarterly earnings, initially scheduled for next week, giving the two sides more time to reach an agreement. The Dallas company is now expected to discuss its latest results on Oct. 28, a day before it will unveil its HBO Max streaming service at an event in Burbank, Calif.
Shares of AT&T, which has a market value of about $275 billion, have done little in the past two decades despite a series of major acquisitions by AT&T Chief Executive Randall Stephenson and his predecessor, though they have rallied this year. The stock currently trades near $38. Mr. Stephenson, who has run AT&T for a dozen years, has privately discussed stepping aside as CEO as soon as next year, people familiar with the matter have said. The promotion of Mr. Stankey spurred Elliott to go public with its campaign, The Wall Street Journal has reported.
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