How to make sense of corporate cock-ups
Not all business U-turns are necessarily bad. "Who knows when — or indeed if — Randall Stephenson and his former lieutenant, John Stankey, will acknowledge how wrong they were to mastermind the $110bn acquisition of Time Warner by AT&T, which they completed in 2018. The combination created a company weighed down by huge debts, a high dividend and onerous investment demands. A mere three years later it, too, is being dismantled, with the media business spun out and merged with Discovery, another media firm. Mr Stankey, who took over from Mr Stephenson as the telecoms giant’s boss last year, has bowed not in shame, but to the inevitable. It was u-turn or bust."
From The Economist