Name: AT&T CEO 'Not Surprised' by Netflix-Warner Deal
Uploaded: 2025-12-09T21:46:00Z
Duration: 4 min 10 s
Description: AT&T CEO John Stankey reacts to the ongoing consolidation in the media industry and reflects on the company's 2022 deal to sell WarnerMedia to Discovery, Inc.

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AT&T CEO John Stankey reacts to the ongoing consolidation in the media industry and reflects on the company's 2022 deal to sell WarnerMedia to Discovery, Inc. Photo: WSJ Leadership Institute

https://m.wsj.net/video/20251209/be9ccad6-870e-4a25-829c-fe43921b35e0/1/hls/manifest-hd-wifi.m3u8

AT&T CEO John Stankey reacts to the ongoing consolidation in the media industry and reflects on the company's 2022 deal to sell WarnerMedia to Discovery, Inc.

AT&T CEO 'Not Surprised' by Netflix-Warner Deal

Blockbuster deal announced Friday, Netflix buying Warner Brothers for...

Yeah, we're not in that industry.

You were, dude, you were CEO of Warner Brothers, a glorious year and a half.

I don't remember. It was longer than that.

Was it?

Yeah.

It felt longer.

It was longer than that.

But you were CEO after the company was bought by AT&T. You also made the decision to divest it in 2022. What do you think about this latest news?

I'm not surprised. When I made the decision along with the board to divest the asset, you know, we had a point of view of where the industry was going to go and what was going to happen. And we felt there was no question going to be consolidation to media for a variety of reasons. One of them, because if people were going to compete with what Netflix had built, they were going to have to have a different asset base to do that. Now, at that time, I needed to do that transaction. I needed to move the company in a different position.

You needed the money, part of it was the cash.

We needed to have the balance sheet set up in the way to invest in the communications in an effective manner. And we couldn't reposition two businesses that need to reposition their business model on a public balance sheet. It's hard enough to do one, and I'm in the middle of that right now. But both the media business model had to be transformed and the communications business model had to be transformed. And so the effective issue was it's gotta happen. The Discovery transaction was doable. It could be approved in that administration at that time, fully expecting there would probably be a follow-on to get the kind of scale that it needed. I wouldn't say that four years ago I believed it was necessarily going to be this particular outcome.

You thought there would be a transaction.

To the point of I held onto all my stock in the company during this period of time waiting for this day.

Is that right? 'Cause you knew there'd be a transaction. So 75% of the people in this room think that transaction is not gonna close. You have an opinion on that?

I don't have an opinion on it. I just... there's a $5.85 billion break fee, which is pretty astounding. And I think that something's gonna happen. I don't know which one's gonna happen.

But something's gonna happen. You at the time called the Warner Brothers transaction one of the most difficult decisions of your life. Why was it so difficult?

Well, it was difficult because it was reversing something that had been done a couple years before.

Alan: Were you part of the decision to buy?

I was in the company at the time. But I will tell you point blank right now, in my job with what I do, at the end of the day, when there's an M&A decision to be made, if we're gonna go dump $10 billion of capital into this or 40 billion into that, that decision's my decision. It is my decision and my decision alone. And for anybody to ever think that I would get up here and say, "Hey, you know, we went out and we just plowed $22 billion into spectrum with EchoStar and it's really the guy working for me. It was his fault," that's just not real.

But was 2018 a mistake?

It wasn't a mistake. It was a decision to try to get a different growth profile in the business with what was occurring at that time in the industry to get a more asset-light approach that didn't necessarily take into effect what was going to happen in the globalization of media content and the amount of investment that was going to be necessary to truly build a global direct-to-consumer streaming infrastructure that wasn't nationally based. And once it became something that wasn't domestic but global, the whole premise fell apart. And I had a lot of reasons to step back and say, "I've gotta be successful. Both businesses have to put themselves in a position to be successful."

And how long after becoming CEO did you realize that?

I started working on it the day I took the reins.

Alan: You knew day one.

Oh, I knew I had to put the business on a different trajectory day one.