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slash voxpod this is a special kind of emergency episode of recode media with peter

kofka that is me And I'm talking to Edmund

Lee from the New York Times where he's a corporate media reporter. In an older, older times,

I used to compete with Ed, back when he was at Bloomberg. And in between those two things,

Ed was my boss at Recode. Welcome, Ed. It's about time, man. I don't know how long it took for me to get it on

your damn show after all this time. It took a giant unmerger to create a giant something else.

We are talking obviously about AT&T and Warner Media and Discovery. Ed and I have both been

working for the last 24 hours on this story. It's happening

in real time as we speak. Thanks for making a few minutes to chat about it. I have so many

questions. But here's the big one. What happened? Why did AT&T decide five years ago they wanted

to spend more than $100 billion, including debt, to buy what was then called Time Warner. And then yesterday, well, today, officially announced. No, no, no, actually, it turns out this should be merged with some other asset. We're going to get it off their books. What happened within AT&T to prompt this deal? It was a do-over, right? That's what they wanted. Well, look, five years ago. You and I both literally wrote the same lead, by the way.

We both used do-over in the lead.

I know, man.

That's a problem with these things. When the story's so obvious, like we're trying to figure out. Well, look, five years ago, you know, the thesis was, look, hey, like, cell phone service is a commodity, right? Everyone, it was saturated, right? Between Verizon, AT&T, T Mobile Sprint,

they're effectively the same. service is a commodity, right? Everyone, it was saturated, right? Between Verizon, AT&T, T-Mobile Sprint,

...