Telecom

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.

FCC to vote on barring subsidies for Huawei, ZTE equipment

Photo of a Huawei headquarters sign
Photo: Rolf Vennenbernd/picture alliance via Getty Images

The FCC will vote next month to ban companies from using federal telecom subsidies to purchase communications equipment from Chinese firms Huawei and ZTE.

Driving the news: The FCC’s order, to be voted on at the commission’s Nov. 19 meeting, would bar companies that receive funding from the $8.5 billion Universal Service Fund from using it to purchase equipment or services from suppliers deemed to pose a national security risk.