NEW YORK ( TheStreet) -- AT&T (T) - Get Report fell Wednesday, despite raising its forecast for revenue growth with the DirecTV merger. Comcast (CMCSA) - Get Report higher after its NBCUniversal unit announced plans to invest $200 million into privately held Vox Media.
AT&T slumped 1.9% to close at $34.01.
The telecom giant now expects its revenue to rise by double-digits for the remainder of the year and anticipates an adjusted profit of $2.62 to $2.68 per share, according to a Reutersreport. Wall Street was initially expecting AT&T to post a profit of $2.60 a share, according to Reuters.
With its DirecTV acquisition, AT&T is banking on using DirecTV's videos and also expanding its Mexico wireless business to increase its revenue, as it faces a saturated U.S. market for its core wireless business, according to Reuters. The $48.5 billion deal with DirecTV closed in July.
"In bringing together AT&T and DirecTV we've articulated a simple goal, the development of a premium, effortless entertainment experience delivered anywhere," AT&T CEO Randall Stephenson told analysts during a conference call, according to Reuters.
Comcast jumped 1.1% to finish the day at $59.41.
The cable company's NBCUniversal invested $200 million into Vox Media, which owns such sites as Re/code,SB Nation and Eater, according to an Associated Press report. Comcast also directly holds an investment in Vox Media through its venture capital arm, noted Reuters.
With its investment, NBCUniversal is aiming to collaborate on content, advertising and technology, according to Reuters, which noted the investment values Vox Media at $1 billion.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.