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Alex Wong/Getty ImagesAT&T CEO Randall Stephenson

Poor AT&T.

The way CEO Randall Stephenson describes the competitive environment in the pay-TV sector, one might think his company, the world’s largest telecommunications company, is an underdog.

On stage at the Code Conference at Rancho Palos Verdes, Calif. on Wednesday, Stephenson bemoaned the massive forces lined up against his company – as well as against Comcast, and Verizon– as omnipotent internet players move into their turf.

To read more about what Stephenson said, click here.

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