CENTRAL PERK. AT&T’s (T.N) HBO Max is finally releasing the much anticipated “Friends” reunion on Thursday. Covid-19 halted production last year, delaying the opportunity to mark the 25th anniversary of the hit 1990s sitcom’s first episode. It’s also a bookend for AT&T’s media ambitions. HBO Max paid Warner Bros, another AT&T unit, $425 million for a five-year contract from 2020 to air “Friends,” yanking the rights away from Netflix (NFLX.O). The show has enduring popularity, and the unscripted homecoming of Jennifer Aniston and other cast members should help the streaming service acquire new customers. It could use the boost: AT&T’s 60 million digital and cable media subscribers worldwide are well short of Walt Disney’s (DIS.N) more than 150 million and Netflix’s 207 million. The company is shoving its programming assets out the door to merge with Discovery (DISCA.O) read more . That deal isn’t expected to close until mid-2022, giving rivals time to get further ahead. Just as it is for the "Friends" cast, the reunion could be one of AT&T"s last media hurrahs. (By Jennifer Saba) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Latest shale deal worse than none read more Total makes good amuse-bouche for governance rejig read more Greek bank relaunch relies on same old fuel source read more JD plays it safe with logistics spinoff read more Procore market debut read more Bitcoin salaries read more