At And T

Overview

AT&T is the oldest telecommunications company in the US, tracing its roots to Alexander Graham Bell's 1876 telephone patent, and remains one of the largest wireless carriers and broadband providers with 200M+ connections.

Historical Timeline

• 1877: Bell Telephone Company founded by Alexander Graham Bell
• 1885: AT&T established as long-distance subsidiary
• 1984: Antitrust breakup creates 'Baby Bells' and new AT&T
• 2005: SBC (a Baby Bell) acquires AT&T and takes the name
• 2015: Acquires DirecTV for $48.5B — largest media deal at the time
• 2022: Spins off WarnerMedia (HBO, CNN) to focus on core telecom

Business Model

Two segments: Communications (wireless, broadband, business services — 85%) and Latin America (Mexico operations — 15%). Revenue from wireless service plans, broadband subscriptions, fiber internet, and enterprise connectivity solutions.

Moat Analysis

Fiber network passing 25M+ locations provides highest-speed broadband in US markets. Wireless network covers 99%+ of Americans. Legacy brand recognition and government contracts (FirstNet public safety network). Scale advantages in spectrum acquisition and infrastructure.

Key Data

• revenue: ~$122B (2023)
• wireless_connections: ~200M+
• fiber_locations: ~25M+ passed
• firstnet_users: ~5M+ first responders
• employees: ~150,000

Interesting Facts

• AT&T's 'Death Star' logo was designed in 1983 by Saul Bass — the same designer who created United Airlines' Tulip logo.
• At its peak, AT&T employed 1 million people — one out of every 70 Americans worked for 'Ma Bell.'