AT&T's WarnerMedia Division Faces Wall Street Skeptics After Earnings

AT&T remains a wireless phone powerhouse, but COVID-19 has upended WarnerMedia and its premium film and TV businesses, judging by its first-quarter earnings unveiled Wednesday.

"The Warner Media and entertainment segments continue to lose market share on almost every front. With the COVID-19 recession pressuring investment decisions and a mostly new senior management team, we forecast this vicious cycle to continue," added Supino and MacNeill. Craig Moffett, an analyst with research firm MoffettNathanson, said AT&T moving from its low-cost virtual MVPD, or skinny bundle proposition introduced with DirecTV Now, has not paid off, given continuing subscriber losses. "There was a time when pay TV was viewed as a stable and defensive business. But with sports now off the air, and with lower-cost alternatives now plentiful, one simply can’t make that case anymore," Moffett wrote Wednesday in a note.

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