Democracy Dies in Darkness Sections Home Subscribe Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader The Switch by Brian Fung by Brian Fung Email the author April 19 at 6:25 PM Email the author Randall Stephenson is chief executive of AT&T. (Andrew Harrer/Bloomberg News) In the end, it was always going to be Time Warner. In his most detailed comments to date about how the AT&T-Time Warner merger came to be, AT&T chief executive Randall Stephenson said Thursday that he spent hours in his home office during summer 2016 poring over Time Warner's financial statements, analyst reports and other data in the first steps of what could become the biggest corporate acquisition of his … [Read more...] about AT&T’s CEO took the stand in the Time Warner trial. Here’s what he said.
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The CEO of Time Warner on Wednesday argued in court that his company’s merger with AT&T is essential to compete with internet giants and dismissed the Justice Department's case against the deal as "ridiculous." Jeff Bewkes took the stand in the trial over the $85 billion merger and blasted the Justice Department’s argument that the combined company would likely withhold Time Warner’s programming from competitors, according to Reuters. “I think it’s ridiculous,” Bewkes said. “If our channels are not in distribution we lose lots of money [from subscriptions and advertising].” Time Warner owns popular entertainment offerings such as CNN, HBO, TNT and TBS. Prosecutors argue that combining those assets with a paid TV provider like AT&T could harm competitors because the company would have the incentive to raise prices for those channels. But AT&T and Time Warner argue they are inclined to make sure that the programming is … [Read more...] about Time Warner chief: DOJ case against AT&T merger ‘ridiculous’
Time Warner Chief Executive Jeff Bewkes on Wednesday defended his company’s planned merger with AT&T as necessary to compete effectively for advertising with internet giants like Google and Facebook. Bewkes told Judge Richard Leon, who will decide if the $84.5 billion deal may go forward, that the Justice Department was wrong to say a merger would allow Time Warner to push for blackouts in negotiations with pay TV operators who wanted to show their content in order to allow AT&T subsidiary DirecTV to pick up more customers. “I think it’s ridiculous,” said Bewkes, who has been CEO for more than 10 years. “If our channels are not in distribution we lose lots of money (from subscriptions and advertising).” He said that “1 percent, less than 1 percent, maybe 2 percent” of subscribers would drop their pay TV subscription because of a blackout, far below the 12 percent estimated by an economist for the government who testified earlier … [Read more...] about Time Warner CEO blasts government’s case against AT&T merger
Democracy Dies in Darkness Sections Home Subscribe Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader The Switch by Brian Fung by Brian Fung Email the author April 18 Email the author The Time Warner building in New York. (Eric Thayer/Reuters) Time Warner chief executive Jeff Bewkes denied Wednesday that AT&T will raise the price of TV channels such as CNN and TBS as a result of the two companies’ $85 billion merger, calling the Justice Department’s landmark case to block the deal “ridiculous.” “I think it’s ridiculous,” he said. “It’s not how this works.” Testifying in federal court, Bewkes alleged that the tech industry — propelled … [Read more...] about Time Warner CEO calls the government’s case against AT&T ‘ridiculous’
Time Warner Inc.’s chief executive testified Wednesday that the government’s assertions that AT&T Inc. wanted to buy the company to use its programming as leverage over distributors “makes no sense” because it would limit viewership.“I think it’s ridiculous. It’s not how this works,” Jeff Bewkes told a federal judge as the antitrust trial to determine if AT&T will be allowed to purchase Time Warner Inc. headed into the homestretch., with the companies’ top executives set to take the stand this week.Their goal is to convince U.S. District Judge Richard Leon that the pay TV industry is changing dramatically and the deal will help the two companies better compete while giving consumers more options.The Justice Department filed an antitrust suit to stop the proposed $85.4-billion deal, and has told a federal judge that AT&T wants to “weaponize” Time Warner’s valuable content, including HBO, CNN, TBS, Warner … [Read more...] about Time Warner CEO Jeff Bewkes calls government antitrust allegations ‘ridiculous’