What to watch in 2020: HBO Max is more than a streaming launch for AT&T

DALLAS _ Dallas-based AT&T will launch its new streaming service in May, months later than many of its chief rivals.

The company is confident HBO Max will succeed, citing a deep library of TV and movie content that it bought from Time Warner, now called WarnerMedia. It will also have original shows and exclusive rights to popular sitcoms like "Friends."

AT&T not only wants to convince customers to subscribe to the service but also to sign up for its other products, such as a wireless plan, broadband and traditional pay TV.

But as AT&T prepares to debut the streaming service, its competitors continue to multiply. Disney+ and Apple TV+ launched in November. And NBC will beat AT&T to the punch by launching its streaming service, Peacock, a month before HBO Max. Compared with its rivals' subscription fees, HBO Max may seem pricey at $14.99 a month _ even if it has more content.

The stakes are high for AT&T. The company has a heavy debt load after acquiring DirecTV and Time Warner. It's hemorrhaging cable and satellite TV subscribers. And it's on watch from investors, especially after activist hedge fund Elliott Management published a critical letter about AT&T's business strategy and leadership decisions. The company's board is also looking to anoint a successor to CEO Randall Stephenson. John Stankey, who's led WarnerMedia and overseen the development of HBO Max, is considered the heir apparent.

HBO Max is just one product in AT&T's large portfolio, but it's the linchpin of its transformation into a media and entertainment company. Its success or failure could shape the future of AT&T's business and determine the company's next leader.