AT&T Exec John Stankey Confirmed to Run Time Warner
The $85.4 billion acquisition of Time Warner is expected to close by the end of the year.
AT&T is making it official. John Stankey, who currently runs AT&T Entertainment Group, will assume leadership of Time Warner following the closure of the $85.4 billion deal.
Stankey, whose current oversight includes DirecTV, will work with current Time Warner CEO Jeff Bewkes on the transition. The deal, which will give AT&T ownership of Warner Bros., HBO and Turner, is expected to close by the end of the year. Stankey's appointment, along with other executive shuffling, becomes effective Aug. 1.
The announcement confirms a report from early July that Stankey would take on the key role in the transaction, which was first announced in October but is still under regulatory review.
AT&T global marketing officer Lori Lee will take on additional duties as head of AT&T International, and John Donovan will become CEO of AT&T Communications, which will include the telecom giant's business solutions, entertainment and technology and operations groups.
"We look forward to completing the deal and delivering for customers the many benefits of this merger," AT&T CEO Randall Stephenson said Friday in a statement.
The new setup at AT&T will give it a similar structure to Comcast, where NBCUniversal CEO Steve Burke and Comcast Cable CEO David Watson both report into Comcast CEO Brian Roberts.