REUTERS: Activist investor Elliott Management Corp on Monday unveiled a US$3.2 billion stake in AT&T Inc and urged the sprawling U.S. telecommunications and media conglomerate to end its acquisition spree and focus on improving its business.
"AT&T has been an outlier in terms of its M&A strategy: Most companies today no longer seek to assemble conglomerates," the letter said. While the hedge fund struck a conciliatory tone at the start of its letter, calling AT&T one of the world's most important companies, it also critiqued its strategy, leadership and sluggish share price.Elliott took aim at AT&T's US$85 billion acquisition of media company TimeWarner Inc last year and the US$49 billion purchase of satellite television provider DirecTV in 2015.
Elliott did not offer details on any missteps it saw in the deal, but said it remained cautious about the benefits of the combination that also brought the TBS and TNT networks, as well as the Warner Bros film studio, producer of the"Batman" and"Harry Potter" films, under AT&T.
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