Mere weeks after activist investor Elliott Management publicly pressed AT&T to slash costs and dial down its acquisitions strategy, it appears as if Chairman-CEO Randall Stephenson has knuckled under to those demands. Speaking today on AT&T’s third-quarter earnings call, Stephenson laid out a three-year plan that includes a pledge to conduct a comprehensive review of all non-essential businesses that may be be sold or spun off, while also making a commitment to retire all the debt related to its $85 billion acquisition of Time Warner. Stephenson also said that he plans to stay aboard through at least 2020. This is particularly important, as speculation that he was about to hand the reins to WarnerMedia boss John Stankey may have been one of the factors that precipitated Elliott’s decision to put the squeeze on the AT&T board. “I believe we’re on the threshold of something really remarkable, in terms of the next chapter of AT&T’s storied history,” Stephenson said. “I have every intention of being here, and I will be here through 2020.” Stephenson added that when the time comes for AT&T to choose his successor, the CEO and chairmanship positions will be made separate, a split for which Elliott advocated in its Sept. 9 letter to the board. Stankey, who recently was upped to chief operating officer at AT&T, remains the heir apparent. “Following five-plus years of heavy investment, it’s now time to reap the rewards of these investments and deliver... Continue reading at 'Advertising Age'
[ Advertising Age | 2019-10-28 20:32:03 UTC ]
AT&T’s proposed $85-billion purchase of Time Warner Inc., which owns CNN, HBO and Warner Bros. studios, is encountering resistance from the U.S. Department of Justice. For months, the Dallas telecommunications giant has been confidently predicting that it would finalize the takeover of Time... Continue reading at Los Angeles Times
[ Los Angeles Times | 2017-11-09 00:00:00 UTC ]
More news stories like this
Telecommunications giant AT&T has secured the blessing of Brazilian regulators for its $85-billion takeover of Time Warner Inc., moving the blockbuster deal closer to the finish line. The Dallas phone company on Wednesday said Brazil’s antitrust authority, the Conselho Administrativo de... Continue reading at Los Angeles Times
[ Los Angeles Times | 2017-10-19 00:00:00 UTC ]
More news stories like this
AT&T Chief Executive Randall Stephenson indicated that President Trump’s tensions with CNN should not factor into the federal government’s blessing of AT&T’s proposed $85-billion purchase of Time Warner Inc., which owns the cable news network. “I don’t know what the relevance is of CNN... Continue reading at Los Angeles Times
[ Los Angeles Times | 2017-10-05 00:00:00 UTC ]
More news stories like this
Mashable is exploring strategic options including the sale of all or part of the online media company, according to people with knowledge of the matter.Mashable, founded in 2005, may draw interest from buyers in Europe and the U.S., said one of the people, who asked not to be identified... Continue reading at Advertising Age
[ Advertising Age | 2017-08-16 00:00:00 UTC ]
More news stories like this
Media ownership is being overhauled as companies try to figure out their place in a world where 85 percent of digital dollars are going to two companies: Facebook and Google. The platform giants' dominance were factors in AT&T's $85 billion bid for Time Warner and other mega deals that were... Continue reading at Digiday
[ Digiday | 2016-12-28 00:00:00 UTC ]
More news stories like this
Shares of AT&T Inc. and Time Warner Inc. were down Monday as investors didn’t appear thrilled by the proposed mega-merger announced over the weekend. In response to the $84.5-billion deal, Moody’s Investor Service said Monday it had placed AT&T’s credit rating on review for a possible... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-10-25 00:00:00 UTC ]
More news stories like this
Campaign 2016 updates: Donald Trump says Donald Trump says women accusing him 'will be sued after the election is over' Oct. 22, 2016, 11:42 a.m. Donald Trump hits the campaign trail in Gettysburg, Pa., while Hillary Clinton is in Philadelphia. Trump says of women accusers will be sued after the... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-10-22 00:00:00 UTC ]
More news stories like this
Republican presidential nominee Donald Trump said Saturday that his administration would seek to block a massive media merger between AT&T and Time Warner Inc. if he is elected president. The deal, which appears to be imminent, would turn telephone giant AT&T, a company already valued at... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-10-22 00:00:00 UTC ]
More news stories like this
The $4.4bn purchase by the US telecoms giant will help overcome the ad industry’s biggest problem Verizon buying AOL wasn’t the last deal we in agency land ever expected, but to most it’s come as a bit of a shock. It feels to me more like Apple buying Beats, than Comcast trying to merge with... Continue reading at The Guardian
[ The Guardian | 2015-05-14 00:00:00 UTC ]
More news stories like this
Don't expect Time Inc. to merge with any of its magazine rivals soon.Time Inc. CEO Joe Ripp told investors Thursday that no mergers would happen until at least June 2016, which is the two-year anniversary of Time Inc. spinning off from Time Warner."The safest thing is to wait two years," he... Continue reading at Advertising Age
[ Advertising Age | 2015-02-13 00:00:00 UTC ]
More news stories like this
Time Inc., the magazine publisher spun off of Time Warner Inc. last year, plunged in New York trading after its fourth-quarter results and 2015 forecast were worse than analysts expected. The shares... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2015-02-12 00:00:00 UTC ]
More news stories like this
Google and Facebook continued to pour millions of dollars into federal political lobbying in the third quarter in attempts to influence U.S. lawmakers and have legislation written in their favor.Google spent US$3.94 million between July and September while Facebook spent $2.45 million, according... Continue reading at PC World
[ PC World | 2014-10-22 00:00:00 UTC ]
More news stories like this
Gannett Co., the owner of USA Today, will split into two publicly traded companies, one focused on broadcasting and digital businesses and the other on publishing, it said today, following the trend that has swept the media business.Signaling its interest in digital investment, the company also... Continue reading at Advertising Age
[ Advertising Age | 2014-08-05 00:00:00 UTC ]
More news stories like this
From one Adelaide evening paper to bidding for a US giant - Rupert Murdoch's life in acquisitionsRupert Murdoch created a global media empire from humble beginnings when he inherited Adelaide's The News from his father in the 1950s. More than 60 years and dozens of deals later, the 83-year-old... Continue reading at The Guardian
[ The Guardian | 2014-07-20 00:00:00 UTC ]
More news stories like this
Shares in Time Inc., owner of People, Sports Illustrated and Time magazines, were off nearly 1% to $23.30 Monday, its first day of trading as a public company.The company's share price had tumbled about 4% after trading began but regained much of the lost ground during the afternoon.Time Inc. is... Continue reading at Advertising Age
[ Advertising Age | 2014-06-10 00:00:00 UTC ]
More news stories like this
Time Inc. shares fell, marring the first day of trading after a spinoff from Time Warner Inc., on concern that the company's singular focus on magazines will hinder growth prospects as demand for... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2014-06-09 00:00:00 UTC ]
More news stories like this
The multimedia empire's chief executive on video journalism, North Korea – and why he won't be taken over by a big rivalShane Smith stayed up late getting drunk with one of his presenters, and now he is exhausted, hungover and behind schedule. Bottles of spirits stand, taunting him, from a table... Continue reading at The Guardian
[ The Guardian | 2014-03-02 00:00:00 UTC ]
More news stories like this
Joe Ripp started his new job as CEO of Time Inc. only three weeks ago, but he's already caught the attention of staffers by saying the executive suite had for too long been a place "where ideas go to die." He'll need their imagination and commitment going forward as parent company Time Warner... Continue reading at Advertising Age
[ Advertising Age | 2013-09-25 00:00:00 UTC ]
More news stories like this
J.K. Rowling's world of wizardry is coming back to the big screen—but without Harry Potter.Studio Warner Bros. announced Thursday that Ms. Rowling will write the screenplay for a movie based on Fantastic Beasts and Where to Find Them, her textbook about the magical universe she created in the... Continue reading at Crains New York
[ Crains New York | 2013-09-12 00:00:00 UTC ]
More news stories like this