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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.
(REUTERS)
