{"id":252117,"date":"2021-05-18T02:04:01","date_gmt":"2021-05-17T23:04:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/att-execs-roll-their-eyes-as-elliott-management-takes-victory-lap-on-43b-merger\/"},"modified":"2021-05-18T02:04:01","modified_gmt":"2021-05-17T23:04:01","slug":"att-execs-roll-their-eyes-as-elliott-management-takes-victory-lap-on-43b-merger","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/att-execs-roll-their-eyes-as-elliott-management-takes-victory-lap-on-43b-merger\/","title":{"rendered":"#AT&T execs roll their eyes as Elliott Management takes victory lap on $43B merger"},"content":{"rendered":"

“#AT&T execs roll their eyes as Elliott Management takes victory lap on $43B merger<\/strong>”
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Some higher ups at AT&T aren\u2019t too happ<\/a>y about billionaire Paul Singer\u2019s hedge fund\u2019s response to their $43 billion media<\/a> merger on Monday. <\/p>\n

\u201cElliott Management is taking a victory lap even though they had nothing to do with getting this deal done\u201d one AT&T insider griped to The Post about AT&T\u2019s plans to combine its WarnerMedia entertainment unit with media giant Discovery.<\/p>\n

Elliott took a $3.2 billion stake in AT&T in September 2019, calling in a letter for \u201cimproved strategic focus\u201d and \u201cenhanced leadership.\u201d But the hedge fund\u2019s execs weren\u2019t in the room when negotiations to were taking place, according to sources close to the situation.<\/p>\n

That didn\u2019t stop Elliott executive Jesse Cohn<\/a> from tweeting about the deal on Monday in a way that rubbed some insiders the wrong way. <\/p>\n

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It’s been a transformational year at @ATT<\/a> since John Stankey took over as CEO & today\u2019s announcement represents another impressive step in their recent evolution. @ATT<\/a> has now executed on its promise to streamline operations and re-focus on its core businesses 1\/2<\/p>\n

\u2014 Jesse Cohn (@jessecohn4) May 17, 2021<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n

\u201c@ATT has now executed on its promise to streamline operations and re-focus on its core businesses,\u201d Cohn said in a tweet about what he called AT&T\u2019s \u201ctransformational year.\u201d <\/p>\n

A source close to Elliott Management fired back by doubling down on the notion that the deal was the result of the hedge fund\u2019s activism. \u201cAT&T wouldn\u2019t have completed the deal if we hadn\u2019t put out that letter,\u201d this person said. \u201cThere\u2019s not even a debate that Elliott provided cover for John (Stankey) to make the necessary changes.\u201d<\/p>\n

Stankey took the reins from Randall Stephenson in April 2020 in what presumably was a step towards \u201cenhanced leadership.\u201d<\/p>\n

Another Elliott insider, however, emphasized the now-collegial relationship between the hedge fund and AT&T. \u201cStankey saw things the way we did,\u201d this person said. \u201cThis is a feel-good story.\u201d<\/p>\n

\u201cIt\u2019s puzzling a statement in which Jesse (Cohn) gives credit to John (Stankey) is being considered a victory lap.\u201d\n <\/p><\/div>\n