AT&T and Verizon media bets were mad, bad and dangerous [telecom]

In a sane and fair world, anyone paid $32 million in a single year should either have found a cure for cancer or be Einstein's successor. Randall Stephenson, who collected that amount in his final year as the boss of AT&T, is proof the world had lost the plot long before coronavirus came along. His last big move before exiting the stage was to splurge $85 billion on Time Warner, a content emporium of popular shows and blockbuster flicks, and marry this to AT&T. Deficits of common sense do not run much deeper.

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