Last week, after a long court battle, AT&T completed their acquisition of Time Warner. Now networks like HBO, CNN, Cartoon Network, and TNT and 10% of Hulu are owned by AT&T.
In a memo acquired by CNBC, AT&T announced some changes they plan to make.
“AT&T and Time Warner are incredibly storied and capable companies. However, both companies face an industry structure and competitive landscape that clearly places a premium on innovation and speed like no other time in our respective histories,” John Stankey wrote in the memo.
The first big change is that Time Warner will be renamed WarnerMedia. According to the memo, the new name is an effort to break free of any confusion with the completely independent Time Warner Cable that is now owned by Charter.
The second major change announced in the memo is that Turner CEO John Martin is leaving the company. John Stankey will be the new head of WarnerMedia.
These changes are minor. A new name and new leader have all been expected since AT&T announced the deal to merge with Time Warner. AT&T last week said they will be making some announcements about what they plan to do with the former Time Warner’s assets this week. Look for news about a new $15 streaming service full of the former Time Warner’s content. Yet AT&T likely has other plans for WarnerMedia beyond a $15 a month streaming service.
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