AT&T’s swerve from telecom to entertainment seems over

AT&T has spent more than four years struggling to explain its rationale for buying Time Warner and then creating HBO Max, a remarkable strategic shift that launched the ultra-profitable wireless carrier into the ultra-unprofitable world of streaming TV. It seems AT&T’s argument wasn’t strong enough to convince even itself, as it now appears ready to give up on that plan. Dallas-based AT&T is in talks to combine its WarnerMedia division, as the entertainment business is now called, with reality-TV programmer Discover. This comes as AT&T Chief Executive Officer John Stankey sells off a slew of assets that were acquired under his predecessor, Randall Stephenson, in an effort to reduce debt and redirect resources to its 5G network.