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CCV - Churchill Capital V News Story

$9.91 -0.0  -0.4%

Last Trade - 14/05/21

Mid Cap
Market Cap £483.3m
Enterprise Value £482.3m
Revenue £n/a
Position in Universe 3217th / 6846

UPDATE 1-AT&T CEO defends company's plans to release new movies via streaming

Tue 8th December, 2020 4:25pm
(Adds comments by CEOs of AT&T and NBCUniversal, adds company
and industry background)
    By Sheila Dang
    Dec 8 (Reuters) - AT&T Inc's  T.N  chief executive on
Tuesday defended the company's recent move to make its 2021
movie slate available on its streaming service at the same time
as theaters, which he described as a "win-win-win" for consumers
and partners.
    Some in Hollywood have not shared CEO John Stankey's
enthusiasm. "Tenet" director Christopher Nolan on Monday slammed
the move as akin to going to bed one evening while working for
the best movie studio, and waking up the next day to find he
worked for "the worst streaming service."
    Since October, AT&T's streaming service, HBO Max, has added
about 4 million customer "activations" to reach 12.6 million,
Stankey said, while speaking at the UBS Global TMT Virtual
    Activations are defined as customers who had access to the
streaming service through their unlimited phone plans, for
instance, and then activated their accounts to use the service.
    NBCUniversal  CMCSA.O  Chief Executive Jeff Shell told the
same conference on Tuesday that his company's streaming service,
 Peacock, has over 26 million signups.
    AT&T's Stankey added he expects the new movie distribution
strategy to "accelerate" HBO Max's growth.
    AT&T felt the "psyche of the population and willingness to
go back into large venues" was going to face a prolonged
recovery, Stankey said. 
    "Giving theater owners a predictable release of content that
they can work their business around is a good thing," he said.
    AT&T reported 38 million subscribers in the United States
for both its premium TV channel, HBO, and HBO Max during the
third quarter, reaching its 2021 goal a year early, as more
people sought entertainment at home during the pandemic. 
    HBO Max previously had 8.6 million activations during the
third quarter.

 (Reporting by Sheila Dang in New York
Editing by David Goodman and Matthew Lewis)
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