The company formerly known as Time Warner is now owned by AT&T. Following the U.S. government’s challenge of the purchase failing in court, the company’s acquisition closed on Thursday night.
“The content and creative talent at Warner Bros., HBO and Turner are first-rate. Combine all that with AT&T’s strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience,” said Randall Stephenson, the chairman and CEO of AT&T. “We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”
Time Warner’s assets are now being referred to as “AT&T’s media business” and the now-former Time Warner CEO Jeffrey Bewkes will stay on in an advising capacity during the transition. John Stankey will now be in charge of the media business.
“Jeff is an outstanding leader and one of the most accomplished CEOs around,” Stephenson said in a statement. “He and his team have built a global leader in media and entertainment. And I greatly appreciate his continued counsel.”