![AT&T hopes to invest nearly $48 bln network in post-media company AT&T hopes to invest nearly $48 bln network in post-media company](https://varindia.com/storage/news/uploads/2018/02/622c58d536e60.jpg)
AT&T has looked forward to investing about $48 billion through the end of 2023 to expand its fiber internet and 5G wireless services.
After facing skepticism from shareholders over its expensive quest to become a media and entertainment company, AT&T is working to merge its Warner Media unit with Discovery Inc (DISCA.O) in a deal that is expected to close in the second quarter. The company plans to refocus on its core business of offering internet and phone services.
John Stankey, AT & T Chief Executive, said, "Now that the close of the WarnerMedia deal is approaching, we are near the starting line of a new era for AT&T." Shares of AT&T rose over 3% to $24.09 in pre-market trading.
AT&T said it expects annual capital investment to be in the $24 billion range both this year and in 2023. It will then taper to the $20 billion range beginning in 2024. The company is working to double its fiber internet availability to 30 million homes in the United States and expand its 5G network to cover over 200 million people.
AT&T also provided full-year financial guidance that excludes the WarnerMedia business and advertising unit Xandr, which AT&T agreed to sell to Microsoft in December.
The company said it expects low single-digit percentage growth for total revenue in 2022, unchanged from its previous outlook. It also provided an outlook for 2023 for the first time, with continued low single-digit percentage revenue growth and adjusted earnings per share between $2.50 to $2.60. After closing the WarnerMedia and Discovery deal, the company expects to pay just over $8 billion in annual total dividends.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.