The deal brings together global media and entertainment leaders Warner Bros., HBO and Turner with AT&T’s strong presence in technology and its video, mobile and broadband customer relationships. AT&T also owns DirecTV which it bought in 2015.
“The content and creative talent at Warner Bros., HBO and Turner are first-rate. Combine all that with AT&T’s strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience,” said Randall Stephenson, chairman and CEO of AT&T Inc. “We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”
The completed deal comes just over six months after Meredith Corporation purchased NY-based Time Inc. Now both Time Warner and Time Inc. are no longer independent companies.
AT&T is also reportedly considering dropping the Time Warner name. Time Warner Cable was purchased by Charter Communications in 2016 and the Time Warner name was dropped and now known as Spectrum.
AT&T’s Stephenson said the future of media entertainment is rapidly converging around three elements required to transform how video is distributed, paid for, consumed and created. The AT&T-Time Warner combo brings together:
Company Structure, Executive Leadership
AT&T Inc. consists of four businesses. This structure allows each business to operate independently and move quickly, while at the same time innovating across AT&T with content, connectivity and advertising. The four business are:
Jeff Bewkes, former chairman and CEO of Time Warner Inc., has agreed to remain with the company as a senior advisor during a transition period. “Jeff is an outstanding leader and one of the most accomplished CEOs around. He and his team have built a global leader in media and entertainment. And I greatly appreciate his continued counsel,” Stephenson said.
As previously announced, leading the four businesses and reporting to Stephenson will be:
All of Jeff Bewkes’ direct reports will now report to John Stankey.
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