was announced as Randall Stephenson’s replacement as AT&T CEO. Stankey has not yet anchored an earnings report to Wall Street, but he has been a consistent presence on the quarterly calls and other communication with investors.HBO Max Sets Conan O'Brien-Produced Comedy Specials With Chris Redd, Moses Storm, Beth Stelling, James Veitch & More
Macquarie Research, in an outlook of major ad agencies, sees U.S. TV network ad sales declining 26% on average in the second quarter, and dipping 8% for the full year. Pandemic flare-ups have “again put already-staggered upfront negotiations on hold as brands assess the value of their media commitments in the face of more lockdowns,” the firm’s Tim Nollen wrote.
The NFL, however, is the ultimate determinant of ad sellers’ fate. While the league has set forth a series of protocols ahead of its planned September 10 season start, about $9 billion in annual TV revenue remains up in the air given day-to-day updates on the pandemic. “It’s an understatement to say that new CEO Mr. Stankey takes his seat at a pivotal crossroads for AT&T,” Credit Suisse analyst Doug Mitchelson wrote in a recent note to clients. Management’s efforts to turn AT&T into a so-called “’convergence conglomerate,'” he added, “have saddled the company with two businesses in severe secular decline,” he said, “and a balance sheet that equity investors run from at the first sign of debt market trouble.
“One thing Mr. Stankey certainly can do is indicate the company is refocused on the balance sheet and will not be buying back stock going forward,” he said.
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