Five years ago this week… Elliott Management echoed what Faultline had been saying for years by imploring the beleaguered operator to sell DirecTV. The activist investor sent AT&T’s board an extensive strategic rethink in a letter slamming inept DirecTV leadership, describing a confused and erratic strategy for the video streaming business built around its $109 billion deal for Time Warner. Elliot Management was skeptical of the value creation opportunities from the vertical integration, and proposed a four-part strategy which included divestitures of DirecTV along with pieces of the wireline footprint and other assets. In 2021, AT&T spun off DirecTV as a standalone company, still 70% owned by the operator. The remaining 30% belongs to private equity firm TPG. The Nagra Insight Negotiation Agent is…