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Elliott takes $3.2bn stake in AT&T and calls for overhaul

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The New York hedge fund outlines a four-part plan, including asset sales, to boost the US telecoms giant’s share price

A man passes an AT&T store in New York, the US. Picture: REUTERS

AT&T shares surged as much as 7.8% to $39.09. If those gains hold, it would be the highest the stock has reached since early 2018.Elliott said the investment — among its largest to date — was made because the company is deeply undervalued after a period of “prolonged and substantial underperformance”.

While the position in AT&T is large, Elliott may have a difficult time pushing for change unless it gets other investors to back its stance. Its newly disclosed stake in AT&T represents just about 1.2% of the company’s total market value. AT&T then moved firmly into entertainment and media with the $85bn acquisition of Time Warner in 2018. That deal brought marquee assets such as HBO, CNN and Warner Bros.

 

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