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Benzinga
Benzinga
Business
Anusuya Lahiri

This Analyst Expects AT&T To Charge Customers For HBO Max After Latter Being Dropped From Unlimited Premium Plan

HBO Max ATT Discovery Inc. Brandon Nispel WBD Keybanc NYSE Wikimedia Commons
  • AT&T Inc (NYSE:T) reportedly dropped the free HBO Max promotion from its Unlimited Elite plan for its new top-tier plan, "Unlimited Premium." 
  • AT&T previously bundled HBO Max as a free "value-added" service since May 2020. It represented a critical go-to-market message over the last two years under AT&T's ownership of Warner Bros. Discovery, Inc (NASDAQ:WBD). 
  • The intercompany sales of HBO Max to AT&T's Mobility segment were $224 million in 1Q21, which represented ~11% of HBO Max subscription revenue. 
  • KeyBanc analyst Brandon Nispel considered the move neutral for AT&T and negative for Warner Brothers Discovery. 
  • Nispel expected to see AT&T begin to charge these customers for HBO Max likely at the end of the contract as existing AT&T customers grandfathered into their current plans. 
  • In 2021, AT&T and Discovery Inc agreed to merge AT&T's WarnerMedia assets with Discovery Inc's platform to create a standalone global entertainment company, now known as Warner Bros.Discovery.
  • Price Action: WBD shares traded higher by 0.23% at $17.21 on the last check Wednesday. T shares traded lower by 0.14% at $21.11.
  • Photo via Wikimedia Commons
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