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AT&T Sights Time Warner Deal Uncertainty

November 08, 2017

Since 2012, AT&T has invested more in the United States than any other public company. Today, the company committed to step up its 2018 U.S. investment by an additional $1 billion if Congress passes — and the President signs into law — the corporate tax provisions currently in the House bill introduced last week.

“By immediately lowering the corporate tax rate to 20%, this bill will stimulate investment, job creation and economic growth in the United States,” said Randall Stephenson, AT&T Chairman and CEO.

“With a rate of 20% combined with provisions for full expensing of capital expenditures for the next five years, we’re prepared to increase our investment in the United States. If the House bill is signed into law, we’d commit to increase our domestic investment by $1 billion in the first year in which the new rates are in place. And research tells us that every $1 billion in capital invested in telecom creates about 7,000 good jobs for the middle class.”

AT&T’s year-one incremental investment will support the company’s fiber build to U.S. homes and businesses. Beyond 2018, a lower tax rate would incent AT&T to continue to deploy incremental capital to its fiber and future 5G builds.

Also, speaking at the Wells Fargo Media & Telecom conference today, AT&T chief financial officer John Stephens provided updates on the company. AT&T has continued its strong momentum with FirstNet. Today, 31 states and territories have opted in to the FirstNet network—the country’s only communications platform purpose-built with public safety, for public safety.

AT&T’s discussions with the U.S. Department of Justice regarding the company’s acquisition of Time Warner are continuing. Stephens said he couldn’t comment on those discussions but that there is now uncertainty as to when the deal will close.

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