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AT&T CEO: Video investments will pay off

AT&T CEO Randall Stephenson told CNBC that the telecom's fourth-quarter video performance -- in which DIRECTV lost subscribers -- was in line with previous guidance as well as the company's strategy of investing in on-demand content and distribution. He also said sponsorship of this week's AT&T Pebble Beach Pro-Am golf tournament will deliver "the best ROI of any advertising promotion we do."

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