The book "Good to Great" by Jim Collins was required reading for AT&T directors and managers but some of the concepts apparently have been ignored by the senior leadership.
One of the points was how some companies try to acquire others outside of their competency to hide their declining performance. Collins finds the main reason certain companies become great is they narrowly focus the company’s resources on their field of key competence.
Buying Time Warner violated this premise from the book. "There’s no evidence of a connection between money and change mastery. And fear doesn't drive change—but it does perpetuate mediocrity. Nor can acquisitions provide a stimulus for greatness: Two mediocrities never make one great company." https://www.jimcollins.com/article_topics/articles/good-to-great.html
We have all seen this movie before and know how it will end. I am saddened for my former co-workers that remain.