AT&T plans to split telecom and media units after merger with Time Warner
By: Drew Fitzgerald
14 Jul 2017
AT&T Inc. plans to split the management of its telecom operations and its media assets after clinching a takeover of Time Warner Inc., putting veteran AT&T executive John Stankey in charge of the Time Warner business, according to people familiar with the matter.
The reorganization would create two divisions. One would contain AT&T’s wireless business and its DirecTV satellite television business, the other would comprise the Time assets it plans to acquire, including HBO, Warner Bros. and the Turner cable unit that houses CNN, the people said. AT&T last year said it would take control of the entertainment company in a cash-and-stock deal worth about $85 billion.
The new structure would keep AT&T Chairman and Chief Executive Randall Stephenson atop the company with two top lieutenants, in an organization that would resemble Comcast Corp. Brian Roberts, Comcast’s chairman and chief executive, has two segment chiefs: one in charge of the cable business and the other heading NBCUniversal.
“Randall Stephenson will remain chairman and CEO after we close the Time Warner transaction,” AT&T spokesman Larry Solomon said. He added that the company is still developing its integration plans and hasn’t completed the new organizational chart.