WarnerMedia segment forewent about $1.2 billion in licensing revenue by holding back content for HBO Max.
At its investor day in October, AT&T said it would see incremental investments of just $100 million in 2019, stepping up to $2.5 billion in 2020.
But.....
Even if AT&T pulled forward some of those forgone revenues from licensing existing shows, it Will end up spending more than anticipated when you factor in its HBO Max originals and additional licensing expenses
Hey big spender
AT&T HBOMAX will have 1.5B shortfall by EOY.