Prospectus excerpt:  Each of the 70,000,000 depositary shares offered hereby (the “depositary shares”) represents a 1/1,000th interest in a share of 4.750% Perpetual Preferred Stock, Series C, $25,000 stated amount (as defined herein) per share (equivalent to $25.00 per depositary share) (the “Series C”) of AT&T Inc., deposited with Computershare Inc. and Computershare Trust Company, N.A. (collectively as depositary, the “Depositary”). The depositary shares are evidenced by depositary receipts. As a holder of depositary shares, you are entitled to a proportional fractional interest in all rights and preferences of the Series C (including dividend, voting, redemption and liquidation rights). You must exercise these rights through the Depositary. We will pay dividends on the Series C only when, as and if declared by our board of directors (or a duly authorized committee thereof) out of funds legally available for the payment of dividends. Any such dividends will be payable at an annual rate of 4.750% of the stated amount per share of Series C, on a cumulative basis from the date of original issue, quarterly in arrears on the 1st day of February, May, August and November of each year, commencing on May 1, 2020. Payment of dividends on the Series C is subject to certain restrictions as described elsewhere in this prospectus supplement or in the documents incorporated by reference herein. Distributions will be made in respect of the depositary shares if and to the extent dividends are paid on the Series C.