Both Level 3 and Centurylink played a shell game for years with M&A. Acquired companies, jumbled numbers, changed accounting treatments, etc.
The only “value” came from synergies. But you can’t cut your way to long term success.
The current position is no different than it’s been for years and years, there’s just no longer M&A to hide it.
Bumped from @5apc+1o3OTrUK.