Press release

Hulu Buys AT&T’s Minority Stake in Joint Venture

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and Hulu today announced an agreement by which AT&T has sold its
minority stake in Hulu back to the streaming video joint venture. The
transaction valued Hulu at $15 billion, with AT&T’s 9.5% interest valued
at $1.43 billion. The transaction did not require any governmental or
other third-party approvals and was simultaneously signed and closed.

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“We thank AT&T for their support and investment over the past two years
and look forward to collaboration in the future. WarnerMedia will remain
a valued partner to Hulu for years to come as we offer customers the
best of TV, live and on demand, all in one place,” said Hulu CEO Randy

AT&T will use proceeds from this transaction, along with additional
planned sales of non-core assets, to reduce its debt.

About Hulu

Hulu is the leading premium streaming service offering live and
on-demand TV and movies, with and without commercials, both in and
outside the home. Launched in 2008, Hulu has grown to more than 25
million subscribers in the U.S. and is the only service that gives
viewers instant access to current shows from every major U.S. broadcast
network; libraries of hit TV series and films; and acclaimed Hulu
Originals like Emmy® and Golden Globe Award-winning series The
Handmaid’s Tale, 
Emmy Award-nominated The Looming
Tower, Shrill, The Act, Marvel’s Runaways and Castle Rock,
 as well
as live news, entertainment and sports from 21st Century Fox, The Walt
Disney Company, NBCUniversal, CBS Corporation, The CW, Turner Networks,
A+E Networks and Discovery Networks – all in one place. Upcoming Hulu
Originals include Catch-22 from George Clooney; Four
Weddings and a Funeral
 from Mindy Kaling; Wu-Tang: An
American Saga 
from Brian Grazer and The RZA; Ramy from
Jerrod Carmichael and Ramy Youssef and Little Fires Everywhere from
Reese Witherspoon and Kerry Washington.

*About AT&T

AT&T Inc. (NYSE:T)
is a diversified, global leader in telecommunications, media and
entertainment, and technology. It executes in the market under four
operating units. WarnerMedia’s HBO, Turner and Warner Bros. divisions
are world leaders in creating premium content, operate one of the
world’s largest TV and film studios, and own a world-class library of
entertainment. AT&T Communications provides more than 100 million U.S.
consumers with entertainment and communications experiences across TV,
mobile and broadband services. Plus, it serves nearly 3 million business
customers with high-speed, highly secure connectivity and smart
solutions. AT&T Latin America provides pay-TV services across 11
countries and territories in Latin America and the Caribbean, and is the
fastest growing wireless provider in Mexico, serving consumers and
businesses. Xandr provides marketers with innovative and relevant
advertising solutions for consumers around premium video content and
digital advertising through its AppNexus platform.

AT&T products and services are provided or offered by subsidiaries and
affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
Additional information is available at © 2019 AT&T
Intellectual Property. All rights reserved. AT&T, the Globe logo and
other marks are trademarks and service marks of AT&T Intellectual
Property and/or AT&T affiliated companies. All other marks contained
herein are the property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this news release contains financial estimates,
expectations about programming and other forward-looking statements that
are subject to risks and uncertainties, and actual results might differ
materially. Such differences may result from actions taken by either
company, as well as from developments beyond each company’s control,
including changes in competitive conditions; consumer preferences;
international, political developments; and changes in domestic and
global economic conditions. A discussion of factors that may affect
future results is also contained in AT&T’s filings with the Securities
and Exchange Commission. Each of AT&T and Hulu disclaims any obligation
to update and revise statements contained in this news release based on
new information or otherwise.

This news release may contain certain non-GAAP financial measures.
Reconciliations between the non-GAAP financial measures and the GAAP
financial measures are available on the company’s website at