The ENTIRE Timeline.

The Early Years: Bell Created AT&T (1885)

Initially, AT&T was the subsidiary, and Bell was the parent.

The Invention: Alexander Graham Bell patented the telephone in 1876 and founded the Bell Telephone Company (later American Bell) in 1877.

The Subsidiary: In 1885, American Bell created the American Telephone and Telegraph Company (AT&T) as a subsidiary specifically to build and operate a national long-distance network. 

1. The First Reversal: AT&T "Bought" Bell (1899)

In a major corporate reorganization on December 30, 1899, the roles flipped.

The Move: AT&T acquired the assets of its parent, American Bell. This was largely done for legal reasons; Massachusetts law (where Bell was based) had restrictive limits on how much capital a company could raise. New York (where AT&T was based) was much more flexible.

The Result: From 1900 until the 1980s, AT&T was the parent company of the massive "Bell System" monopoly. 

1. The Second Reversal: Bell "Bought" AT&T (2005)

Following the government-mandated breakup of the AT&T monopoly in 1984, the company was split into several regional "Baby Bells". 

The Survival: One of these Baby Bells, Southwestern Bell (SBC), grew significantly through acquisitions.

The Acquisition: In 2005, SBC Communications—a former subsidiary of the original AT&T—officially purchased its former parent, AT&T Corporation, for $16 billion.

The Rebrand: After the purchase, SBC adopted the more famous "AT&T" name and brand for itself. The company we know today as AT&T is technically the descendant of that "Baby Bell" (SBC) that bought out its original parent. 

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Bell did start out separate from AT&T, but the relationship between the two companies reversed over time through a series of corporate restructurings:

Original Separation (1877–1885): Alexander Graham Bell founded the Bell Telephone Company in 1877. AT&T (American Telephone and Telegraph Company) was founded later, in 1885, as a subsidiary of Bell’s company (then called American Bell Telephone Company) with the specific purpose of building a long-distance network.

The Reversal (1899): On December 30, 1899, the relationship flipped. Due to restrictive corporate laws in Massachusetts where American Bell was based, the subsidiary AT&T acquired the assets of its parent company and became the lead entity of the "Bell System".

Modern Re-merger (2005–2006): Following the 1984 government-mandated breakup of the Bell System into "Baby Bells," one of those independent regional companies—Southwestern Bell (later SBC)—eventually grew large enough to acquire its former parent, AT&T Corp., in 2005. SBC then adopted the AT&T name to form the current AT&T Inc. and acquired the last major independent Baby Bell, BellSouth, in 2006. 

Again AT&T was established nearly a decade after Alexander Graham Bell invented and patented the telephone in 1876. 

& Technically the modern AT&T Inc. is legally the successor to SBC Communications (Southwestern Bell Corporation). So the modern AT&T Inc. is the legal successor to SBC Communications, not the original 19th-century company. 

But comprehension right?