TBC - AT&T: Greater Gains Await As The WarnerMedia Spinoff Approaches

• It has been a transformative year at AT&T as the company heads for an "aggressive repositioning" of its business under the leadership of John Stankey.
• In addition to a $6 billion long-term cost-savings program, the company has also committed to monetizing its non-core assets, deleveraging and redirecting focus back onto its core communications business.
• For years, AT&T's growth has been stymied by its venture into digital media and spreading itself too thin in the process. But the upcoming WarnerMedia spinoff will mark a turnaround.
• The transaction will reduce AT&T's net debt by $43 billion, driving meaningful progress towards its deleveraging strategy while also freeing up resources towards supporting core growth areas, including 5G and broadband.
• In addition to restored growth at AT&T, shareholders will also continue to benefit from upsides underpinned by HBO Max's strong growth momentum through a 71% stake in the WarnerMedia-Discovery SpinCo, making the upcoming transaction a key catalyst for the stock.

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