AT&T chief executive defends the company`s costly media acquisition strategy
(WorldNews Business)

AT&T CEO Randall Stephenson on Tuesday deflected criticism that the company is too big and paid too much for its media businesses. Stephenson, speaking at the Goldman Sachs Communacopia conference for media and telecom companies in New York, said it still `makes sense` for the company to own both a big wireless network and content. Activist shareholder firm Elliott Management last week pushed AT&T to sell many of its non-core assets, including DirecTV. AT&T bought DirecTV in 2015 for $49 billion and CNN owner Time Warner (now known as WarnerMedia) last year for $85 billion. `We believe people are going to spend more and more of their day...