AT&T, which owns DirecTV, provides TV service to 24.5 million homes in the U.S. It is the nation’s largest pay-TV distributor so cable programmer Viacom could ill afford to lose carriage.
: “This is crazy. I’ve had DIRECTV for years. You can’t just drop BET!!! And not expect there to be backlash.”
Wall Street had closely watched the negotiations. Viacom earlier in the week suggested that it was prepared to lower its fees to strike a deal. Aside from disagreements over fees, Viacom and AT&T tussled over how widely Viacom channels will be available on streaming platforms that compete with DirecTV.
DirecTV lost about 650,000 subscribers in the fourth quarter, underscoring the big challenges facing the El Segundo-based pay-TV service. AT&T bought DirecTV in 2015 for about $50 billion. Last year, the$85 billion for the parent company of HBO, CNN, TNT and TBS. Now, AT&T is choking in debt to the tune of more than $175 billion.
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