“The investment is the biggest bet to date made by AT&T to realize the promise of its $85.4 billion acquisition of Time Warner. … The hope is that HBO Max is built up over the next few years to be a multipurpose platform for the global distribution of WarnerMedia content as well as an engine for bundling subscriptions to AT&T’s wireless and data services. The fear is that an underwhelming HBO Max would tarnish or, worse, be a financial strain on HBO proper.” – Variety