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AT&T eyes nearly $48 bln network investment in post-media company

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AT&T Inc expects to invest about $48 billion through the end of 2023 to expand its fiber internet and 5G wireless services, the U.S. wireless carrier said on Friday, as it detailed the vision for the business after unwinding its media assets.

"Now that the close of the WarnerMedia deal is approaching, we are near the starting line of a new era for AT&T," said AT&T Chief Executive John Stankey, in a press release ahead of a presentation to analysts on Friday.Shares of AT&T rose over 3% to $24.09 in pre-market trading.

The company is working to double its fiber internet availability to 30 million homes in the United States and expand its 5G network to cover over 200 million people. The company said it expects low single-digit percentage growth for total revenue in 2022, unchanged from its previous outlook.

 

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