"only 3.5%" is insanely high for a stock of this kind. high dividend stocks only drop at half the rate of regular stocks during a bear market. this stock was short squeezed about a month ago and i believe it will be again right before the div payout perhaps
If anything the cash flow generated by the satellite revenue will help stabilize T's dividend going forward. AT&T will also be smart enough to push bundled services and will bring content to new platforms. There is already talk about putting Sunday Ticket on mobile devices. I think AT&T is moving in the right direction. It just takes time. While I wait I simply use the high yield to my advantage by reinvesting dividends into more shares. It has worked so far for me. I don't know why it would stop working now.