Activist investor Elliott Management criticized AT&T management in 2019 for the timing of its DirecTV takeover. "The pay TV ecosystem has been under immense pressure since the deal closed," it said. "In fact, trends are continuing to erode, with AT&T's premium TV subscribers in rapid decline as the industry, particularly satellite, struggles mightily. Unfortunately, it has become clear that AT&T acquired DirecTV at the absolute peak of the linear TV market."