Corning will invest $150 million in optical cable manufacturing in North Carolina, initially adding 200 jobs, based on AT&T’s long-term commitment to its network buildout.
Corning said the manufacturing expansion reflects its ambition to capture new growth opportunities through strategic investments in innovation and technology – de-risking these investments with strong customer commitments.
AT&T has previously announced plans to significantly expand its fiber footprint.
“We see expansion of our fiber infrastructure as central to the growth of our broadband reach, for consumers as well as business customers,” said Mo Katibeh, senior vice president, AT&T Network Infrastructure & Build. “By extending our collaboration with Corning, we’ll create American jobs through manufacturing investments, and also through the economic benefits that broadband brings to our communities.”
“The need for ubiquitous connectivity has pushed demand on networks to record levels, and Corning is strategically investing to support network buildouts,” said Michael A. Bell, senior vice president and general manager, Corning Optical Communications. “This capacity expansion in particular supports the growth plans of AT&T, who we’ve valued for more than three decades. We’re turning once again to the highly skilled local workforce in North Carolina to help us meet the demand. We deeply appreciate the support of local and state officials, particularly Governor Roy Cooper, Commerce Secretary Machelle Baker Sanders, and state lawmakers.”
AT&T to refocus investment on fiber and 5G post WarnerMedia deal
AT&T will combine WarnerMedia’s entertainment, sports and news assets with Discovery’s entertainment and sports businesses to create a premier, standalone global entertainment company.
The deal provides AT&T with $43 billion (subject to adjustment) in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt. AT&T’s shareholders will receive stock representing 71% of the new company. Discovery shareholders would own 29% of the new company.
AT&T said the transaction provides an opportunity to unlock value in its media assets, allowing the company to better capitalize on the longer-term demand for connectivity:.
AT&T’s John Stankey states: “This agreement unites two entertainment leaders with complementary content strengths and positions the new company to be one of the leading global direct-to-consumer streaming platforms. It will support the fantastic growth and international launch of HBO Max with Discovery’s global footprint and create efficiencies which can be re-invested in producing more great content to give consumers what they want. For AT&T shareholders, this is an opportunity to unlock value and be one of the best capitalized broadband companies, focused on investing in 5G and fiber to meet substantial, long-term demand for connectivity. AT&T shareholders will retain their stake in our leading communications company that comes with an attractive dividend. Plus, they will get a stake in the new company, a global media leader that can build one of the top streaming platforms in the world.”
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