Randall Stephenson, then-chairman and chief executive officer of AT&T and Jeff Bewkes, then-chairman and chief executive officer of Time Warner, a few days after the AT&T acquisition of Warner was announced in October 2016. "One of the jobs I need to do in carrying AT&T forward is ensuring we come up with a strategy that the investor base will tolerate and work through and give us the right credit for," Stankey said. And then Randall [Stephenson, AT&T CEO] and I will figure out whats the best way to go over the long run. Ad Choices, Stankey told HBO employees at a town hall-style meeting. He shed its magazine publishing business in 2014, and the troublesome AOL online unit and cable TV systems arm in 2009. The same is true of of our division heads and all of our top execs., Most of creative input comes from outside the company, in partnership with us, Bewkes added when asked specifically about maintaining the HBO homes strong creative standard. First of all, Im not going anywhere, the Time Warner chairman and CEO said Wednesday morning during a third-quarter 2016 conference call, and will be here through the closing and into quite a period of transition after that. Ex Time-Warner CEO Jeff Bewkes called vertical integration "a fairly suspect premise" in an exclusive interview with CNBC. Morningstar: 2019 Morningstar, Inc. All Rights Reserved. 9. Mobile game company King counts the most successful app of all time, Candy Crush, and legacy social games like Bubble Witch in its stable. After rejection of a rumored premium-priced $85-per-share offer from Rupert Murdoch in 2014 raised eyebrows, the prospect of Jeff Bewkes selling WarnerMedia (then known as Time Warner) seemed impossible. He apparently proposed the sale to AT&T several years before it happened. Asked why so many global companies were listed as direct competitors, Bewkes stiffened. The company has repeatedly said it doesn't care to acquire content engines, but this signals a strong urge to level competition if they ever change their minds. All Rights Reserved. Mr. Plepler left after clashes over strategy with John Stankey, who was tapped to run the entityrebranded as WarnerMediaand now is chief executive of AT&T. 2013: Yahoo Buys TumblrIt's a relatively small price for a media acquisition, but spend-happy Yahoo CEO Marissa Mayer raised a lot of eyebrows by paying $1 billion for the blogging platform Tumblr. Where that is we dont know but we decided it was time that you learned a bit more about Mr. Bewkes. But with HBO Now, FilmStruck, Boom or others still on the drawing board, he said, we need a technology partner, a helping company in order to bring any service to market. Is the Albanian Army going to take over the world? Former Time Warner chairman, president and CEO Jeff Bewkes said AT&T executives went back on pre-merger promises about how the legacy phone company would handle his HBO, Warner Bros. and CNN. Maybe the reason is he has been through two divorces and chooses to keep his exes out of the media light a harsh reality that Bewkes knows well. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. Among the high-profile departures were HBO's former boss, Richard Plepler. In an exclusive interview with CNBC, ex-Time Warner Chief Executive Officer Jeff Bewkes said he doesn't think vertical integration is necessary for either a content or a distribution company. WIRED Media Group Known for his dry sense of humor, the 66-year-old Bewkes most-famously survived comparing burgeoning media meteor Netflix in 2010 to the Albanian Army. Bewkes is under contract until the end of 2020. The unnamed partner will be responsible for all TiVo product sales outside the, BLU-RAY REVIEW: Street 3/6/18; Disney/Marvel; Action; Box Office $314.97 million; $29.99 DVD, $39.99 Blu-ray, $39.99 UHD BD; Rated PG-13 for intense sequences of sci-fi violence and action, and brief suggestive material. That didn't happen, he said. Bewkes sold Time Warner to AT&T after Rupert Murdoch's News Corp. made a hostile bid for the company in 2014, an offer that was later withdrawn. Share & Bookmark, Press Enter to show all options, press Tab go to next option. Once open, check out their nachos, burritos, burrito bowls, salads, tacos, fries and quesadillas. Three years later, HBO would pull the shows from Amazon for its own SVOD platform, HBO Now. Signup for Breaking News Alerts & Newsletters. Bewkes left the top post at the same time, collecting an exit package reportedly worth nearly $98 million. For, Read More A Guide to Shipping Your Deliveries This Black Friday and Cyber MondayContinue, There are examples of billionaires from all around the world. Your email address will not be published. International operations are a third of our revenue.. These exist because of none other than Jeff Bewkes. AT&T is not the only telecommunications company to pursue vertical integration. After his hazy days at Yale, he decided to get down to business and get the degree that would make a difference in his future career. The companys financial track record under Bewkes speaks for itself. Get this page going by posting a review. 2023 Deadline Hollywood, LLC. "Bewkes kept the cable networks growing by focusing on sports and news. "If you paid a premium for an operation and you continue to operate it exactly the same way, you never pay back the premium.". "Unless you can integrate the data from distribution, it makes it harder to develop and have good effective programming," Bewkes said. With the companys pending sale to AT&T, Bewkes is said to be leaving the media business, so its sort of a final thank you for the more than 3 decades he has spent at the company. Jeffrey Bewkes was born on May 25, 1952 in Paterson, New Jersey, USA. At Yale University, his major was Philosophy, which he eventually earned his degree in. WebDecisionOne Dental Partners Crystal Lake, IL. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. NEWS ANALYSIS When a federal judge greenlighted AT&Ts $85 billion acquisition of Time Warner, Jeff Bewkes, 10-year CEO of the media giant that includes Warner Bros., Turner (TBS, TNT, CNN, Turner Classic Movies, Cartoon Network), HBO and Cinemax, officially became a lame duck. Despite giving up on Time Warner, Stankey defended AT&T's stewardship of the company. First published June 13, 2018: 11:04 AM ET, interview with The New York Times in December 2010, These are your 3 financial advisors near you, This site finds and compares 3 financial advisors in your area, Check this off your list before retirement: talk to an advisor, Answer these questions to find the right financial advisor for you, An Insane Card Offering 0% Interest Until Nearly 2020, Transferring Your Balance to a 14-Month 0% APR is Ingenious, The Top 7 Balance Transfer Credit Cards On The Market Today, Get $300 Back With This Outrageous New Credit Card. Jeff Bewkes promised Time Warner and AT&T investors that his companys creativity wont fall off after the proposed merger officially goes through after all, hell still be there. Follow @CNBCtech on Twitter for the latest tech industry news. The magazine wanted to merge its Web site with the AOL Web portal to create a massive sports site. The development team submitted Preliminary Planned Unit Development plans to the City for review. Bewkes is quoted about the aftermath of the $108 billion merger in a James Andrew Miller book called Tinderbox: HBO's Ruthless Pursuit of New Frontiers, which will be released on November 23. But AT&T acquired pay-TV distributor DirecTV in 2015 for $67 billion. While hardly needing the money Bewkes saw his 2017 compensation balloon to $49 million the 1974 Yale graduate departs following a 39-year career at Time Warner that included restructuring media operations, downsizing New Line Cinema, and selling AOL and Time Warner Cable, among other initiatives. 2014: Facebook Buys WhatAppWhile this is a straight-up tech acquisition, it's interesting to note that Facebook paid a staggering $22 billion for the European-based WhatsApp, a mobile application that lets users textfor free over WiFi, to bolster their own messaging app. AT&T completed its acquisition of Time Warner in June 2018 after defeating a Department of Justice lawsuit that tried to block the deal. Variety is a part of Penske Media Corporation. 2015: Dalian Wanda Buys Legendary EntertainmentA production company fetching$3.5 billion in a sale was not just jaw-dropping, it was an airhorn that the Chinese invasion into Hollywood had begun. In 2013, Bewkes picked Warner Bros. Home Entertainment boss Kevin Tsujihara over other more-established studio executives to run Warner Bros., replacing Barry Meyer. This is an overview of the DecisionOne Dental Partners Crystal Lake campus or office location. No one likes to be micromanaged, and that includes Jeff Bewkes, former chairman and CEO of Time Warner, who in the new book Tinderbox presents his side of Stars Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Idris Elba,, Your email address will not be published. 1999: Disney Buys ABCThe alliance is such a potent brand that it's hard to imagine them as solo entities, but the $19.5 billion sale gave the Disney company an iconic TV brand to call its own. With 22 years at Warner Bros. Pictures, the celebrated marketer is a big part of the studio's global box office success. However, it is interesting to note that electronic noses can detect tastes, Read More What is an Electronic Nose and Do They Exist Yet?Continue, ProSight Specialty Insurance Group, Inc. is also known as ProSight Global. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. While Comcast has largely kept NBCUniversal separate from its cable arm, AT&T has suggested it plans to eventually bundle a national wireless service with its streaming video services, which include AT&T Now and the soon-to-be-released HBO Max. Former Time Warner CEO Jeff Bewkes discusses content strategy. Though the Federal government has given the green light for the sale, Bewkes should have taken responsibility for failing to move on from cable to mobile when the writing was on the wall years ago. We compete all over the world, he said. They gave HBO a financial lift that continues to this day. If, by chance, regulators throw up too many roadblocks, Warner Bros., HBO, and Turner will AT&T had273,210 employeesimmediately after buying Time Warner in mid-2018 and226,840 as of June 30, 2021. Discovery Company. Former Time Warner CEO Jeff Bewkes says that he and other board members were surprised that AT&T mismanaged the media company after buying it in 2018. @ CNBCtech on Twitter for the latest tech industry news, he said is the Albanian going. Warner CEO Jeff Bewkes called vertical integration massive sports site, he said indices &. Left the top post at the same time, collecting an exit reportedly! Own SVOD platform, HBO would pull the shows from Amazon for its own SVOD platform, HBO.... With the AOL Web portal to create a massive sports site networks growing by focusing on sports and.! Many global companies were listed as direct competitors, Bewkes stiffened to show all options, Press Enter to all... 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