Time Warner to be renamed WarnerMedia, execs departing
Things are shifting at AT&T Inc. and Time Warner Inc. post-merger. John Stankey, a long-time AT&T executive who will be running the Time Warner properties, announced several rebranding and structural changes in an internal memo Friday afternoon. Time Warner will be renamed WarnerMedia, and former Time Warner head Jeff Bewkes and Turner cable-TV unit chief John Martin will be departing. Several other Time Warner executives, including CFO Howard Averill, executive vice president of global public policy Carol Melton and executive vice president Olaf Olafsson, are also leaving. AT&T shares are down 14.9% so far this year and Time Warner shares are up 29.1%. The S&P500 is up 4.0%.
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