AT&T CEO to become executive chair after Time Warner deal: Bloomberg

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(Reuters) – AT&T Inc (T.N) is planning a redefined role for Chief Executive Randall Stephenson amid major organizational changes following its $85.4 billion acquisition of Time Warner Inc (TWX.N), Bloomberg reported.

Stephenson will become executive chairman, overseeing a pair of chief executives who will independently manage the company’s telecommunications and media businesses, the report said, citing people familiar with the matter. bloom.bg/2ukPwC2

John Stankey, who now leads DirecTV and other entertainment businesses, will become CEO of the media division that would include HBO, Warner Brothers and news network CNN, Bloomberg reported.

John Donovan will lead DirecTV, which will become part of a unit that would include AT&T’s traditional phone businesses, Bloomberg reported.

AT&T said last month that it was confident it would win regulatory approval for the acquisition of Time Warner before the year end as the Justice Department continues its review of the deal.

Seven consumer advocacy groups asked U.S. Attorney General Jeff Sessions on Thursday to consider blocking the deal on the grounds that it will lead to higher prices and slow innovation in showing video online.

U.S. President Donald Trump had said during his election campaign that he opposed the merger.

Donald Trump’s nominee for U.S. Assistant Attorney General for Antitrust, Makan Delrahim, if confirmed, will lead the Justice Department’s assessment of the deal.

AT&T and Time Warner were not immediately available for comment outside regular U.S. business hours.