The memorandum was written by John Stankey, Time Warner's new head, who planned the company’s new organization after the acquisition. HBO leader Richard Plepler and Warner Bros. CEO Kevin Tsujihara will stay in office.
Turner Broadcasting Company President David Levy, Turner International Director Gerhard Zeiler and CNN Global CEO Jeff Zucker will report directly to Stanley .
Two days after the U.S. Federal District Court judge approved AT&T's acquisition of Time Warner, AT&T completed the deal on Thursday. The U.S. Department of Justice sued the deal last year to the court, arguing that the deal could lead to monopoly and make consumers Need to pay higher TV subscription fees.
Stanley wrote in the memo: 'AT&T and Time Warner are very famous and powerful companies. However, in the face of fierce market competition, innovation and rapid growth are now more necessary than ever in the history of the two companies.'
At the same time, Stanley said that Time Warner will be renamed as Time Media, because the company is often confused with Time Warner Cable, which was acquired by Chatter in 2016.
This Friday, AT&T chief executive Randall Stephenson said he thinks he has arranged for the right candidate to lead the combined new company. AT&T also plans to invest in new businesses.
