After waiting 28 months to finalize its $85 billion acquisition of Time Warner, AT&T is moving quickly to put its imprint on the media company it now owns.
Christopher Polk / Getty Images fileGet breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.After waiting 28 months to finalize its $85 billion acquisition of Time Warner, AT&T is moving quickly to put its imprint on the media company it now owns.
“We’ve seen this movie before,” said Craig Moffett, a telecom company analyst with the independent equity firm MoffettNathanson. “Phone companies have tried to get into media multiple times in the past, and it has always failed in large part because of culture clashes.” The appointment is a first significant step towards consolidating fiefdoms that ran separately for decades within Time Warner and included HBO and Turner Broadcasting, which included cable channels CNN, TBS, TNT, TruTV, Cartoon Network and Adult Swim, as well as the Warner Bros. movie and television studios. Greenblatt’s appointment tears down some of the walls that had separated internal units, which were run almost entirely independently.
One person who deals with WarnerMedia units on a regular basis and asked to remain anonymous due to those business relationships said that the former Time Warner executives were prevented from making decisions even on small projects without AT&T’s approval.Moffett said that telecom companies like AT&T tend to be very different from content companies. Telecoms are a “stultifying and bureaucratic” business, Moffett said, while media companies can appear undisciplined and erratic.
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