AT&T CEO to Separate Telecom, Media Businesses After Time Warner Merger, Sources Say

By Drew FitzGerald Features Dow Jones Newswires

AT&T Inc. plans to separate its telecom operations from 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.

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The reorganization would separate AT&T's wireless business and its DirecTV satellite television business from the newly acquired Time Warner assets, including HBO, Warner Bros., and the Turner cable unit that houses CNN, the people said.

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.

Write to Drew FitzGerald at andrew.fitzgerald@wsj.com

(END) Dow Jones Newswires

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July 14, 2017 10:41 ET (14:41 GMT)