AT&T Sketches Out Life After Hollywood

AT&T Inc. offered more concrete plans for its telecommunications operations after it abandons the entertainment business, detailing goals to drop old copper telephone networks and build new fiber-optic lines.

The Dallas company issued new financial targets Friday, the same day Discovery Inc. shareholders approved their company’s plan to merge with AT&T’s soon-to-be spun-off WarnerMedia division. The telecom giant bought the media company, then called Time Warner, in 2018. But AT&T in May announced plans to leave Hollywood and hand its shareholders a stake in a larger media company structured to more aggressively compete with rivals such as Netflix Inc. and Walt Disney Co. in the global race for streaming-video subscribers.