AT&T is the world’s largest telecommunications company and the second largest provider of mobile phone services. In recent years, the multinational conglomerate made significant moves into the media and entertainment industries, most notably becoming the parent company of WarnerMedia in 2018. But in February 2021 AT&T announced it would spin off DirecTV, six years after acquiring the satellite TV business. And in May it announced plans to spin off WarnerMedia, combining it with Discovery. Under CEO John Stankey’s aegis, the company instead wants to focus on growing its 5G wireless connectivity and, in pursuit of this goal, is now in the midst of an intense, multibillion-dollar battle with competitors like T-Mobile and Verizon for the highest speed and most widely available 5G network.
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