AT&T needs to stop chocking and instead it must unlock its value by simply breaking up into 4 different companies (with or without a matching deal with Comcast) as follows:
1) Spin off DirecTV to merge it with Dish, which could then be potentially merged with a Comcast spin off of their Cable TV and ISP.
2) Spin off AT&T wireline/landline/tv business (except a few key states containing wireless backbone) or sell either as part of the deal (item 1) or to another company such as CenturyLink or Charter Communications, etc.
3) Spin off Warner Media back on its own or even better merge it with Comcast's, a perfect combination to compete with Disney
4) Keep AT&T as pure wireless for 5G, 6G... and become a technology company, offering advanced wireless services/solutions
AT&T has previously broken up at least a couple of times before, albeit it was a different AT&T but the argument is still valid: 1980's (baby bells), 1990's (NCR, Lucent,..), and 2000's: (Various segments). It is now overdue as history will repeat itself. Here's why it is needed this time:
1) The current set-up is simply not working, just look at the charts for the last 10 years to reach the same conclusion. If you restructure the spin-offs properly, they will flourish or at least fare far better than currently. This is precisely how Verizon is doing it and it is getting rave reviews. Does AT&T really need Satellite tv customers? Does it really need to keep servicing rural expensive to maintain areas? TV service has become mostly obsolete, TV is just an application like voice service became, and cord cutting is rampant. 5G will replace landline internet sooner or later. So what is really left: AT&T Wireless and the TimeWarner. The question becomes are they better off together or separate. I believe they are better off apart. In fact Verizon stayed away from buying a content company and that allowed it to manage its debt much better.
2) The dividend CANNOT (WILL NOT) be cut. That would be a disaster for the stock. Instead when you split up the company, a shareholder will own shares in all the new spinoffs effectively allowing AT&T to shuffle the dividend distribution (as well as debt distribution) without cutting the dividend. What you end up with is a far better and manageable scenario.
3) The bundling argument is old, this is when Verizon too thought it could do, but it did not help much. Currently Verizon has reversed that idea with what they are calling "Mix and Match". This allows to separate each segment should they decide to sell wireline voice and/or tv customers to Comcast, you will have a cleaner delineation in accounts and their actual value without the bundle complication.
Bigger is not always better. Sometimes less is more.