Tuesday, October 18, 2016

Why is AT&T looking to get into the music business?

Written by Claire Atkinson — AT&T Entertainment Group CEO John Stankey’s phone is ringing off the hook.

We hear the telecom giant is in big-time acquisition mode and is focusing its efforts on the music business.

Sources tell On the Money that the company, which owns DirecTV, is working on a plan to get much bigger — whether that means signing more artist partnerships or buying a major music label or perhaps even considering a run at radio giant iHeart is anyone’s guess.

AT&T was taking a look at Twitter, but like all of the often-mentioned potential suitors it didn’t move ahead with a bid.

“All the tech companies are trying to figure out the entertainment space,” said a music industry source.

The former Ma Bell has had a few deals in the recent past with Live Nation, which is about to be spun out of Liberty Media.

Taylor Swift’s deal involves sponsorship backing in return for exclusive content on AT&T’s services, along with an appearance during the Super Bowl weekend.

AT&T has also been floated as a possible bidder for Time Warner.

Expect to hear AT&T steal Samsung’s heat in the music space in the months ahead. Samsung had exclusive deals to release Rihanna’s “Anti” last year.

Click here to read from this article's source.