Thread regarding Lumen Technologies layoffs

AT&T Buys Lumen

Wonder what happens to all those Lumen fiber employees?

AT&T agrees to buy Lumen's consumer fiber business for $5.75 billion in cash
Reuters
10 mins ago
By Milana Vinn

(Reuters) -AT&T (T.NaE) has clinched a deal to acquire Lumen Technologies' (LUMN.NaE) consumer fiber operations for $5.75 billion in cash, the companies said on Wednesday, as the wireless provider adds further scale to its national fiber footprint.

Buying the unit will gain AT&T (T.NaE) 1 million fiber customers, as well as significantly expand its fiber-network operations in Denver, Las Vegas, Minneapolis-St. Paul, Orlando, Phoenix, Portland, Salt Lake City and Seattle, according to an AT&T (T.NaE) statement.

The sale of its consumer fiber assets, first reported by Reuters, allows Lumen to focus on growing the company's enterprise fiber business, Chris Stansbury, Chief Financial Officer of Lumen, told Reuters in an interview.

The cash proceeds from the sale will help Lumen trim its debt pile by $4.8 billion and enhance cash flow by reducing interest expenses by more than $300 million annually, according to Stansbury.

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| 5892 views | | 26 replies (last July 8) | Reply
Post ID: @OP+1jvt8js0s

26 replies (most recent on top)

Makes you miss Joe Nacchio.

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Post ID: @6yh+1jvt8js0s

AT&T’s domestic RTO and HWWW strategy moved all organizations and Business Units to 5 days in the office a week back in January. Some BU’s were spared for a few months through March and April, but most management employees are expected 5 days regardless of designation now. Probably around 10% or less are still fully remote (virtual worker).

Home brewed presence reporting in PBI allows supervisors to monitor compliance and discipline is invoked rapidly for non-compliance.

And yes, outside of the corporate hub locations, the local real estate office space is a disaster. AT&T doesn’t care about in-person collaboration or productivity. This is all a racket to reduce headcount and real-estate holdings.

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Post ID: @1dx+1jvt8js0s

"can confirm. most employees are either 3 or 5 days in office per week."

If you are 3x now you will be moving to 5x. As soon as the renovations of certain buildings are complete then employees will be 5x. I know because I am one of those employees. There are a lucky few who get special work location privileges and only have to show up at their assigned location a few times a month.

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Post ID: @zt+1jvt8js0s

@bv legacy century tel and legacy Qwest

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Post ID: @yw+1jvt8js0s

@ab can confirm. most employees are either 3 or 5 days in office per week.

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Post ID: @wh+1jvt8js0s

@bv LC = Legacy Centurylink LQ = Legacy Qwest

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Post ID: @fc+1jvt8js0s

That is not correct. PBGC does not automatically take over a pension plan when a company enters bankruptcy. They must prove they would go out of business if they continued the plan under company sponsorship.

If the PBGC does take over the plan, there is not automatic haircut. If the plan has sufficient assets, it will continue to pay the promised amount. If the plan does not have sufficient assets, the reduced amount is based on your age that you either started taking a pension or your age when the plan was taken over. This applies to previously retired participants. You are correct that the lump sum goes away for most people.

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Post ID: @f3+1jvt8js0s

@ak You should retire before they, or whoever they spinoff the copper network to, go bankrupt. In case you are unaware, your pension would then be payable at $.60 on the dollar and annuity is the only option.

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Post ID: @es+1jvt8js0s

How many people does Quantum Fiber employ?

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Post ID: @eb+1jvt8js0s

I guess my price for life was just price for life of the company. Maybe I can get a nice bundle now with my cell phone.

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Post ID: @ea+1jvt8js0s

Bye bye Lumen! But hey at least that temporary building that us west built in the 70s in North Denver will outlast you and is being put to good use for Mapleton Public School district!

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Post ID: @e5+1jvt8js0s

Yeah…..AT&T management employee here (and former union tech - Specials, DLC, cable repair).

You’re stepping into a hornets nest at T. Get ready for endless surplus, forced relocation to hub offices and RTO/HWWW chaos. You’re all in for a shock.

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Post ID: @dm+1jvt8js0s

They only sold the Quantum fiber part so those few employees that will go to the new company (not branded ATT per Kate) will have jobs and those left behind to work on what wasn’t turned down as fiber was activated will die with the company a fairly quick death.

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Post ID: @cs+1jvt8js0s

What is LC and LQ?

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Post ID: @bv+1jvt8js0s

Guessing they will put on att shirts and go install fiber in their freshly stickered att vans.

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Post ID: @bd+1jvt8js0s

“Ask your fellow LC employees still making 30% less how the D7 contract has helped raise their wages 15 years after the LQ purchase. It hasn't. And neither will ATT raise union wages or accrete them into the other legacy contracts”

ATT techs are making 52 bucks and hour? Don’t think that’s true but I have no proof one way or the other.

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Post ID: @bc+1jvt8js0s

He-l yeah ATT my savior from this he-l hole.

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Post ID: @b8+1jvt8js0s

Won’t change life in our Enterprise sales world. Customers will still hate us and we’ll continue to be micromanaged to almost daily quotas which are unrealistic and only 10% of reps will hit.

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Post ID: @av+1jvt8js0s

I Just order one of those big popcorn machines like they have at carnivals… this is going to be a S…. Show

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Post ID: @am+1jvt8js0s

So if you retire within the next 12 months your pension stays with Lumen ? And is that good or bad ?

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Post ID: @ak+1jvt8js0s

ATT isn't buying the company, successor ship doesn't apply. QC which has the contract with D7, remains with Lumen.

Ask your fellow LC employees still making 30% less how the D7 contract has helped raise their wages 15 years after the LQ purchase. It hasn't. And neither will ATT raise union wages or accrete them into the other legacy contracts.

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Post ID: @aj+1jvt8js0s

If you think Kate is going to save you union folks, think again!

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Post ID: @af+1jvt8js0s

"This is very sad for the remaining employees. Get your resume together!"

How so?

This is probably the best news for existing bargained for employees. AT&T has much bigger pockets, our contract has a successor clause and AT&T technicians and installers make a heck of a lot more than we do. I think it's awesome!

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Post ID: @ae+1jvt8js0s

Won’t they still need Lumen installers? Protected by the Union too so Sales and Product folks take hit

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Post ID: @ac+1jvt8js0s

If I remember right, AT&T doesn't allow worth at home?

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Post ID: @ab+1jvt8js0s

This is very sad for the remaining employees. Get your resume together!

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Post ID: @a8+1jvt8js0s

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