AT&T adding jobs, spending money

We’re not all doom and gloom around here, but these kinds of stories are rare.

AT&T will be adding around 3,000 jobs across the country (mostly in it’s wireless, broadband and video divisions) while spending $17-18 billion this year on capital improvement projects.  The majority of the money will be used to bolster it’s wireless and broadband coverage.  

On the other hand, AT&T is still planning on cutting the 12,000 jobs (mostly from the landline division), as well as keeping a freeze in place on all manager raises.

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Charter Communications files for Chapter 11

Charter Communications is filing for chapter 11 bankruptcy protection and hopes to shed some $8 billion in debt.  The company was found by Microsoft co-founder Paul Allen is a provider of cable TV, internet and broadband services.  The company is expected to file for bankruptcy sometime before April.  

With $800 million cash on hand, it has plenty of cash to continue operations as normal and will allow it to service its debt in the future.

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AT&T pay freezes

The CEO of AT&T Randall Stephenson, the nations largest phone company, has issued a press release stating he will forgo his 2008 bonus payment of about $4.5 million and the company will freeze the salaries of 120,000 of it’s managers as the company prepares for a grim year.  AT&T’s bright spot in it’s yearly financial report was it’s wireless division.

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