AT&T is not alone in seeing red-ink levels rise in an era of merger mania.
Comcast will have to shoulder $114.7 billion in debt, according to Moody’s, now that it has shelled out $40 billion to buy Sky — this after losing the bidding war with Disney for 21st Century Fox. Like Comcast, Disney is carrying more leverage than it has in more than a decade.
The task facing AT&T, Disney and Comcast is a daunting one, requiring deft corporate maneuvering to avert disaster. All three companies have made big bets that the only way to survive and thrive amid the digital disruption is to get bigger, and they’ve used debt, lots of it, to finance their empire building.