If AT&T's convoluted TV streaming options didn't convince you that the company was struggling, maybe its Q3 earnings will. According to the latest earnings report, released today, the company's revenue dropped 2.5 percent, with Warner Media revenue falling 4.4 percent, in the third quarter. It lost 1.2 million premium TV subscribers, and AT&T Now lost nearly 200,000 subscribers.
The company also announced a three-year capital allocation plan, which Variety reports is at least partially aimed at addressing the concerns of activist investor, Elliot Management. The plan calls for selling off $5 billion to $10 billion in non-strategic assets in 2020, and it stipulates "no major acquisitions" through 2022.
AT&T does have at least one bright spot on the horizon. Tomorrow, it plans to unveil HBO Max, the Warner Entertainment division's upcoming TV streaming service. So far, we know that it will be the exclusive streaming platform of Doctor Who in the US, Friends and The Big Bang Theory. It's also named The Boondocks, a series based on the novel Circe, Doom Patrol, Sesame Street, Spirited Away and Adventure Time as part of the lineup. We'll learn more about HBO Max -- like how much it will cost -- tomorrow.