AT&T (T - Get Report) is considering splitting with DirecTV, the pay TV operator it acquired just four years ago for $67 billion, The Wall Street Journal reported.

The move comes just days after Elliott Management unveiled a $3.2 billion stake in the phone services giant in a letter to the board in which it criticized the DirecTV acquisition as one of several contributors to AT&T's underperformance.

"Unfortunately, it has become clear that AT&T acquired DirecTV at the absolute peak of the linear TV market," Elliott wrote in the letter.

Shares of AT&T rose 49 cents, or 1.3%, to $37.25 in after-hours trading.