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The time warner effect
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Resumo(s)
Acquired in 2018, Time Warner (renamed Warner Media), is expected to be one of the main growth drivers for AT&T, through its subsegments and by providing content data for digital targeted advertising. However, some important risks may oppose to the $85 billion acquisition, such as the possibility of HBO Max not being able conquer its space in the SVoD market, or AT&T fail to reimburse its debt. After computing a valuation on the telecom firm without Warner Media, it was possible to conclude that AT&T is still being undervalued but would be worse off without the media and entertainment segment. Nevertheless, the firm as incurred in higher risks, which, ultimately, are reflected in its cost of capital. Hence, AT&T is now more vulnerable, meaning that, if the firm’s operations do not follow with what was predicted, it might enter in a difficult situation where it will struggle to meet its financial obligations.
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Warnermedia Scenario analysis