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The wireless operator spent $ 67 billion on DirecTV five years ago and is now considering final offers for a sale of a minority stake in the company’s larger pay-TV business at a close value. of $ 15 billion. AT&T paid more than $ 100 billion for Time Warner under a deal reached in 2018.
WarnerMedia’s moves follow similar restructurings at large traditional media companies, including Disney and NBCUniversal.
It’s a very painful email to write. And for many of you reading this, I realize it will be even more painful to receive. For that, I am sorry.
In August, I first shared information on how we were going to significantly change the organizational structure of WarnerMedia (which involved, among other things, simplifying the way we organize our entertainment studios, raising HBO Max and consolidate our business activities into one organization). Many of you have been patiently waiting to hear how the reorganization would affect you personally, which is both uncomfortable and stressful. Reducing this period of uncertainty has been one of the many reasons we have strived to get this job done as quickly and thoughtfully as possible, even though it probably didn’t seem fast enough. I want to thank you all for continuing to contribute your best, despite this difficult time and the added pressure of everything that is going on in the world.
I have already explained how essential it is for us to change the way we operate in the context of better customer service. As I mentioned a few months ago, this involves simplifying our organization, partnering with the best storytellers, and looking at world-class products and technology as we share our stories directly with the audience around the world. Our journey involves continuing to excel in our large core businesses while investing in emerging businesses where we have the potential to significantly delight clients.
Today we have come to a number of tough decisions which results in a smaller WarnerMedia team. This is a function of the removal of layers and the impact of consolidating previously separate organizations. Starting today in North America, we’ll share what jobs are being cut and what roles have changed. We continue to review proposed changes in other countries to our non-US operations, the timing of which will vary based on local regulatory requirements. None of this is easy. But be aware that these reductions in no way reflect the quality of the impacted team members, nor their work. It’s just a function of the changes I think we need to make in order to better serve clients. For those affected, we will provide severance packages and healthcare packages, in addition to professional services and team member assistance programs.
While I do anticipate that on an organizational level things will calm down materially in the weeks and months to come (we’ve been working hard to make this a process with a beginning, middle and end), I don’t want to suggest that our future is static. Rather, our future is to invent ever better ways to move the world through history… which means embracing change. I have every confidence in this world class team to do just that.
To our colleagues who are leaving, I would like there to be words to alleviate the pain of today. Your contributions are an integral part of this great company and today’s news doesn’t change that. I am extremely grateful for everything you have done for this team and this mission. I hope that at some point you will come back to all of this with immense pride.
Until then, stay well and safe.
Jason
Disclosure: NBCUniversal is the parent company of CNBC.
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