Despite owning an aspirational brand in HBO, and owning valuable IP like DC Entertainment and Harry Potter, a sale of Xandr will be confirmation that AT&T’s larger ecosystem offers no larger backbone for a media ecosystem for either AT&T customers or WarnerMedia customers. A bundle of AT&T services with HBO Max reduces churn, and that is all.

Could investing in theme parks solve that problem for AT&T? At the core of any solution involving theme parks would be WarnerMedia’s licensing deals with Six Flags (Looney Tunes, DC Entertainment) and Universal (Harry Potter), the latter of which is owned by Comcast.

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