- AT&T (T +1.7%) is renaming its still-fresh Time Warner acquisition WarnerMedia, according to an internal memo.
- Unit CEO John Stankey also set up structural moves in the memo, noting that Turner chief John Martin has "chosen to depart," and that three execs who had reported to Martin (Turner President David Levy, Turner International President Gerhard Zeller and CNN Worldwide President Jeff Zucker) now report to Stankey.
- "Why WarnerMedia? The short answer is that it tested very well externally as a naming convention that holds the valuable HBO, Turner and Warner Bros. brands," Stankey said.
- He also noted previous confusion since many "never learned to distinguish between Time Warner, the media company, and Time Warner, the former cable company."
- The former Time Inc. was spun off back into its own company by Time Warner in June 2014, leaving no connection to the venerable magazine brand. Meanwhile, Time Warner cable had been spun off as a separate company in 2009 and was eventually bought by Charter.
- The three main divisions of WarnerMedia (HBO, Turner and Warner Bros.) "will see little change" in headcount, but "many of the redundant corporate support functions between our companies at the HQ/holding company level will be eliminated in the coming months."
- Previously: John Malone isn't rushing into media-merger fray (Jun. 15 2018)
- Previously: AT&T/TWX closing details: stock/cash split, expected synergies (Jun. 14 2018)
- Previously: Quick-moving AT&T closes Time Warner buyout, starting new era (Jun. 14 2018)
- Now read: AT&T's Merger Creates A Buying Opportunity
Original article