Stay out of AT&T's - and CNN's - business, Mr. President [telecom]

ONE OF Wall Street's biggest hedge funds, Elliott Management Corp., led by the billionaire investor Paul Singer, has the conglomerate AT&T in its crosshairs. The hedge fund, with $38 billion under management, disclosed it has acquired $3.2 billion of AT&T and is launching a campaign to shake up the company. This is a tactic used by activist investors who seek to change underperforming companies by slicing costs, divesting non-core assets and streamlining bureaucracy, among other things.

A letter from Elliott calls on AT&T to make significant changes. Notably, the letter questions the logic of AT&T's $106 billion acquisition of Time Warner in 2016, a merger the Trump administration tried in vain to stop. Elliot Management says, "AT&T has yet to articulate a clear strategic rationale for why AT&T needs to own Time Warner," and "we remain cautious on the benefits of this combination." The hedge fund calls on AT&T to review assets for possible divestiture.

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Bill Horne
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