AT&T Inc. on Monday unveiled a three-year strategic plan that included selling up to $10 billion worth of businesses next year, paying off all its debt from the purchase of Time Warner and adding two new board members, bowing to pressure from activist investor Elliott Management.
The second-largest U.S. wireless phone carrier by subscribers has struggled with a stagnant stock price despite having spent billions on a bet that owning media content, as well as all the ways that people can access it through their phones, TVs and the internet, would pay off.
The result of that wager, AT&T's HBO Max subscription streaming video service, will be unveiled on Tuesday in Burbank, California.