https://www.wsj.com/articles/at-t-and-the-netflix-streaming-crack-up-stock-market-inverstors-selloff-11642800097
What AT&T could have brought to this scrum is a different approach, not another Netflix wannabe. AT&T is giving up a chance to brand itself permanently with HBO Max while also letting HBO Max remain a premium collection of streaming content, rather than desperately running out a new show every day for fickle streaming customers. Much of the Warner Studio system could then be devoted to milking Netflix and others by selling them shows rather than competing with them.