Once it completes its $85.4 billion acquisition of Time Warner Inc., AT&T plans to redefine the role of CEO Randall Stephenson, among other big changes, Bloomberg reports.
“Stephenson will oversee a pair of CEOs who will independently manage the company’s telecommunications and media businesses, according to people familiar with the matter,” Bloomberg reports. “Stephenson, 57, will still be the top executive of the company, focused on charting the company’s new course as a media powerhouse, the people said.”
“Stephenson will remain chairman and CEO of AT&T, the company said in a statement, denying an earlier report by Bloomberg that he would relinquish the CEO title,” the report adds.
Bloomberg also reports: “John Stankey, who now leads DirecTV and other entertainment businesses, will lead the media division, including Time Warner, said the people, who asked not to be identified discussing private information. DirecTV will become part of a unit that includes AT&T’s traditional phone businesses, to be run by John Donovan, the people said.”
The report notes that the reorganization is one of the largest at AT&T since “Ma Bell” was broken apart by government regulators into seven regional “Baby Bells” 33 years ago.