Elliott Management Corporation is an investment firm founded in 1977 that today manages approximately $38 billion of capital for both institutional and individual investors. We are a multi-strategy firm, and investing in the Technology, Media and Telecom (TMT) sector is one of our most successful efforts.

Elliott’s approach to its investments is distinguished by our extensive due diligence, and our efforts on AT&T have followed this same approach. We enlisted former executives, industry experts, investment bankers, lawyers, accountants and consultants in an exhaustive diligence effort spanning AT&T’s numerous businesses. Selected examples of our efforts include:

  • A leading strategy consulting firm surveyed the wireless, pay TV, and broadband preferences of more than 35,000 consumers to understand evolving consumer trends;
  • A premier cost and optimization consulting firm analyzed AT&T to assess the opportunity for operational improvements and quantified the potential cost savings;
  • A leading network advisory practice evaluated the evolving wireless and wireline dynamics, including AT&T’s potential path to 5G leadership;
  • We engaged in conversations with more than 200 former AT&T and industry executives to accurately evaluate the current situation through the lens of AT&T and its peers; and
  • We surveyed more than 60 of the largest TMT investors to gauge shareholder sentiment.

We believe that this time- and resource-intensive exercise has given us a thorough understanding of the Company’s existing strengths and opportunities for improvement. It is important to emphasize that the observations made below regarding the Company’s recent strategic and operational decisions are drawn directly from this wide-ranging diligence and reflect broadly shared views on AT&T’s recent history and required future direction. We have carefully tested the views of others against our own, and we are convinced that the resulting recommendations will both maximize shareholder value and best position AT&T for long-term success.

© 2020 Elliott Management