Two dots make a line, and that line points towards the end of big tech as we know it. This formed the second of two dots, the first being the DOJ’s case against Google. Next up, the FTC and 48 states filed an antitrust lawsuit against Facebook. AT&T is poised to recognize an increase of $100 billion or more in market cap in 2021 on its transition from a conglomerate that makes no sense to the world’s largest recurring-revenue firm.
So it went gangster on theaters, opting for the consumer. An infirmed stock price is a terrible thing to waste, and AT&T’s underperformance inoculated it against the innovator’s dilemma (Ma Bell has less to lose). Ironic that two of the five worst acquisitions in history have the same two words: Time Warner - who 18 years previous merged with AOL. Last week, the narrative was AT&T had been on the wrong side of a trade with the smartest man in media (Jeff Bewkes) and overpaid for Time Warner. (Note: you know the moment when the edible kicks in? It happened in the middle of the last sentence.)ĪT&T CEO John Stankey realized the market favors recurring revenues and narrative over transactional revenues and EBITDA. Doctors, talent agents, and film directors should host a pity party at Jeffrey Katzenberg’s crib, catered by Planet Hollywood with performances from Robin Thicke and Billy Squier. But Christopher Nolan calling HBO Max “the worst streaming service” is similar to JCPenney calling Amazon circa 1999 a terrible experience. The market added half a trillion in value in the past two weeks: AT&T busted a baller move to a rundle, the FTC filed suit against Facebook, and an overhyped DoorDash and underhyped Airbnb went public.ĪT&T’s announcement that it will release movies simultaneously on HBO Max and in theaters predictably pissed off Hollywood players, who make millions off the current system. This is the second in a series of posts about one of the most accretive paradigm shifts in our economy since globalization and digitization - dispersion.
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