(Reuters) -
AT&T Inc (T.N) is
planning a redefined role for Chief Executive Randall Stephenson amid major
organizational changes following its $85.4 billion acquisition
of Time Warner
Inc (TWX.N),
Bloomberg reported.
Stephenson
will become executive chairman, overseeing a pair of chief executives who will
independently manage the company's telecommunications and media businesses, the
report said, citing people familiar with the matter. bloom.bg/2ukPwC2
John
Stankey, who now leads DirecTV and other entertainment businesses, will become
CEO of the media division that would include HBO, Warner Brothers and news
network CNN, Bloomberg reported.
DirecTV,
which was acquired by AT&T in 2015 for $48.5 billion, will be led by John
Donovan and will become part of a unit that would also include AT&T's
traditional phone businesses, Bloomberg reported.
AT&T and
Time Warner were not immediately available for comment outside regular U.S.
business hours.
AT&T
said last month that it was confident it would win regulatory approval for the
acquisition of Time Warner before the year end as the Justice Department
continues its review of the deal.
However,
U.S. President Donald Trump has been highly critical of Time Warner's news
division CNN in recent months, calling the outlet "fake news". He had
also expressed opposition to the merger during his election campaign.
In addition,
a group of Senate Democrats including Bernie Sanders, Elizabeth Warren and Al
Franken, had urged the Justice Department last month to closely scrutinize the
deal.
Time Warner
had reported a better-than-expected first quarter profit as revenues from its
box office hits offset declining ad sales, while AT&T missed quarterly
revenue estimates due to lower equipment sales.
0 Comments