Randall Stephenson is the Chief Executive of AT&T. On Friday, he said that the company is going to spend as much as needed on their newly acquired business, Time Warner, Inc. According to him, they are planning to invest $21-$22 billion in the company.
Big Investments
Stephenson said in an interview that they are not going to be pound-foolish and penny-wise. He said that they want to invest in the company as much as they can.
On Thursday, AT&T acquired Time Warner with an offer of $85 billion. They are now trying to integrate the newly acquired business into their operations. AT&T is trying to rival Amazon.com, Netflix, Inc. and other companies that provide direct entertainment to their customers.
Time Warner’s New Name and Leadership
John Stankey, the new CEO of Time Warner, stated in a memo that the company’s new name is going to be WarnerMedia. According to the memo, John Martin, Turner CEO, is going to leave the company.
On Friday, Stephenson stated that AT&T wants to keep the creative culture of Time Warner but under a new name. Late on Thursday, he sent an email to Time Warner and AT&T employees acknowledging differences.
