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On April 8, 2022, Warner Bros. Discovery, Inc. (WBD) was formed through the divestment of WarnerMedia by AT&T (T), and its merger with Discovery, Inc., resulting in an ownership change of one of the liberal medias flagship properties CNN from AT&T to WBD. Ownership of CNN was a significant factor underlying ACVF’s boycott of AT&T and as a result we felt our boycott should follow the ownership change to WBD and as such we divested our holdings in WBD on April 26th.

Considering AT&T’s divesting of CNN we feel it’s necessary to reevaluate ACVF’s boycott of AT&T, the very act of selling CNN is positive for AT&T shareholders and greatly reduces the risk that politics will harm shareholder value. Compared to the other communication services companies we are currently boycotting we feel AT&T (less CNN) is now no longer one of the worst of the worst in this sector. We feel reintroducing AT&T to ACVF’s portfolio will increase its ability to track the S&P 500 and could allow for advocacy (boycotts) elsewhere.

What do you think?

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