So we all know the news that AT&T just sold the remaining 70% of DIRECTV to TPG for $7.6 billion. I’m not sure of the math here, but I think TPG originally took the 30% stake for $1.8 billion of cash inflow. AT&T’s website says the initial transaction with TPG total $19 billion. Regardless, this company lost somewhere between $20 and $30 billion on this ridiculous deal and the kicker is nobody got fired. Now I know some of the executives are gone at this point, but there are still some that are here that had their hands in this and they are not held accountable. This is corporate greed at its peak and people need to be held accountable because jobs end up being lost because of this. I don’t know what it’s gonna take to hold people accountable anymore, but this is insane. Everyone involved should be fired without severance. End of story that’s it. If I don’t, RTO, they escort me to the door. I think we could do the same to these people who just lost the company billions of dollars.
23 replies (most recent on top)
“Stankey saw things the way we did,” this person said. “This is a feel-good story.”
When the fox is in the hen house and you've ki-led off all your fellow hens, you'd put on a fox suit too.
Now they gonna push Dish and sling into retail to slam on customers! They can’t leave well enough alone!!
Yay, I think.
Don't forget. It's up to you, valued employee, to minimize your spend on Expense so we can pay down debt. If you, salaried employee, need to work overtime so that all "tracked" hours go to enhancing hours and only your untracked overtime hours go to work those sustaining items, we expect that. For the good of the company and the Stankey's retirement, don't charge to sustaining!
Stankey's upcoming yacht purchase is relying on you!
https://finance.yahoo.com/news/t-sells-70-stake-directv-102308337.html/
This will absolutely be studied in Business Economics classes for generations to come as a case study, where the C suite's poor timing and flawed strategic vision resulted in billions and billions of shareholder losses.
It is unfathomable that no one at the executive level has ever been held to account
" Is it Stankeys fault he did what his boss instructed him to do?"
Nice try, John. You're not getting a pass.
@bfk+1uLRrIlj
EM actually spoke fairly highly of Stankey after the Warner Media divestment. “Stankey saw things the way we did,” this person said. “This is a feel-good story.” IDK if they ever made a statement about their leaving, but both the story cited before and the one below indicate they were good with Stankey or they wouldn't have left and subsequently praised him.
https://nypost.com/2021/05/17/att-execs-roll-their-eyes-as-elliott-management-takes-victory-lap-on-43b-merger/
RTO thins internal ATT detractors. The company saves money, but bringing in new generations gets rid of bad blood and career competitors and strengthens and concentrates the power. RTO has nothing to do with us, it has to do with weakening Stankey's c suite opponents. File in Gen Z is the plan, which is showing its own sort of problems. The reason why it looks like no one is watching the watchers, is because individuals are benefiting and are framing it as shareholders benefiting. Stankey has smoke and mirrors in full swing.
So, if you are angry and want to fight about it, you have nothing else to lose. You are boxed out anyway.
Serious question. Yes Stankey was part of the executive team that made this happen but seems like RS was he-l bent on having a Whitacre legacy. If he told Stankey to make it happen then that is what he was supposed to do. Seems there are a lot of initiatives that happened under RS that Stankey has unwound. Is it Stankeys fault he did what his boss instructed him to do?
Soooo as long as I meet the RTO policy to be in office 3-5 days a week to collaborate with my colleagues, it’ll be ok for me to lose the company billions of dollars and not be held accountable/be fired. Got it.
Corporate greed at its finest.
Worthless C-Suite & Board.
I completely got divorced from Stinky the D O U C H E services, healthcare, cell, everything. Was a SlingTV customer. Now Sling is tied up in this mess so I will be running away from Sling after the merger happens before the Stink can ruin Sling!
And employees are STILL paying for this today through LAYOFFS!
Culture= LOL
AT&T BOD = All Talk & Travel Bloated Overpaid Directors.....shameful
One of the worst business deals of all time. Surpassed by the T-Mobile merger fiasco.
They exited shortly after he took the helm, in a signal they were okay with the choice.
They exited because the board and execs ignored them and they saw where the company was headed.
The only people holding anyone accountable is Elliott Mgmt. I don’t agree with EM’s business strategy, I do like how they inject themselves into weak Boards and fire CEO’s.
Except that EM is part of the reason that we have Stankey. They exited shortly after he took the helm, in a signal they were okay with the choice.
First smart move in 20 years for sure!
Stevenson disrespect of the legacy techs in 2014 as he lead the company away from its niche as a communications provider left AT&T unprepared for today’s business
Don’t forget “we can all be proud and excited about the future...” What a joke. No taking any ownership of errors, no acknowledgement of the price we are all paying for this huge misstep, no humbleness. I think I can guess who is his role model. Cheeto anyone?
Let me help you out.
- AT&T originally bought DTV for $48.5 billion ($67 billion accounting for their existing debt).
- AT&T then sold the company to ITSELF and TPG as a NewDTV company for a mere 16 billion.
- The end result is that AT&T keeps the debt and gives DTV away for a sweet deal. Nobody suspects any funny business because AT&T is 70 pct. owner in NewDTV. (AT&T and TPG).
- Now years later when the dust has settled, AT&T wants to sell remaining ownership of NewDTV to TPG.
THE ONLY QUESTION YOU SHOULD EVER ASK IS:
- Who is involved in this Dallas-based private equity firm TPG?
- Imagine if you are an investor or on the board of TPG and someone says to you that AT&T is going to hand you DTV on a silver platter for pennies on the dollar and eventually walk away from it so TPG can own it free and clear.
- TPG is the real golden parachute for AT&T executives and many others. (DIG DEEPER CONGRESS!!!)
But Stankey and Desroches will be lauded for making cash flow. The fact that Stankey sold at a loss will go unnoticed by the BoD.
We lost roughly $7 billion on the TMobile debacle and DTV is an astounding $30+ billion dollar loss.
What amazes me is the Board has done nothing. The only people holding anyone accountable is Elliott Mgmt. I don’t agree with EM’s business strategy, I do like how they inject themselves into weak Boards and fire CEO’s.