AT&T : Books $15.5 Billion Charge on DirecTV Unit

By Drew FitzGerald

AT&T Inc. booked a $15.5 billion charge on its pay-TV business, reflecting the damage cord-cutting has taken on its DirecTV satellite unit even as the company's HBO Max streaming service's growth ramped up.

The write-down resulted in a fourth-quarter loss and comes as the media and telecom giant has been exploring a potential sale of part of its legacy pay-TV business. The company reported quarterly revenue declines in the DirecTV business and WarnerMedia units, offsetting gains in its core wireless phone division.

Overall, AT&T reported a fourth-quarter loss of $13.89 billion, or $1.95 a share. Revenue fell 2.4% to $45.7 billion.

Write to Drew FitzGerald at [e-mail]

(END) Dow Jones Newswires

01-27-21 0721ET