The Phone Company Didn’t Destroy HBO. Will the Cable Guy?

AT&T’s acquisition of Time Warner was a failure for the phone company, which spent $85 billion to acquire the media conglomerate and then sold it for less just four years later. But it was a big win for HBO.

HBO has weathered the transition to streaming better than other cable networks that ushered in the golden age of TV, including FX, Showtime and AMC Networks. While its peers are fighting for relevance, HBO remains a major player, one of the largest streaming services in the world in terms of subscribers and sales.