AT&T is a shoddy , shit ran company really at this stage. To sell a streaming service they are gonna sink billions of dollars in it instead of the strategy to build it up slowly. Disney is smart , they are losing money (reports are the losses have fallen in 2020 to $500+ million for Disney+ and they could fall further in 2021). We already saw the company scrambling in massive debt this year and they are gonna put themselves in more debt.
I don't expect AT&T to own the company by 2025. I'll say it here 1st ...WarnerMedia will be sold as another company buys them out.