AT&T Time Warner merger

AT&T signals ceasefire with activist investor

Illustration: Sarah Grillo/Axios

AT&T on Monday agreed to make major changes after a six-week standoff with activist investor Elliott Management.

The big picture: Current AT&T management stays, at least for now, but only after promising to boost buybacks, committing to lofty earnings targets, and promising to find someone new to run its media unit.

Trump takes on AT&T from foreign soil

Photo: Samir Hussein/WireImage via Getty Images

President Trump greeted London this morning by railing against CNN owner AT&T, essentially urging a consumer boycott:

"I believe that if people stoped using or subscribing to @ATT, they would be forced to make big changes at @CNN."

Why it matters: It may be the new normal, but I'm still jarred by an American president encouraging damage to a private business that employs hundreds of thousands of Americans. Let alone doing so from foreign soil.