AT&T forged gentle on its pending spinoff of WarnerMedia to Discovery this previous week—a giant step towards placing a decade of misguided mergers and acquisitions behind it. AT&T spent years allotting billions of {dollars} on offers, together with $66 billion for DirecTV in 2015 and $106 billion for Time Warner in 2018. These introduced the 145-year-old cellphone firm into new, more-cyclical industries, and at one level made it essentially the most indebted firm within the U.S.

Beneath new CEO John Stankey, AT&T has slimmed down. AT&T spun off DirecTV and…

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