AT&T Inc. (NYSE:T) lost 0.96% in the previous session closing the day at $30.82 after it indicated that executives at WarnerMedia were leaving their posts as the company rebrands the newly acquired business.
Richard Pleper, the CEO of the cable network, has announced that he is planning to step down. He is known for his over three decades work at HBO of creating the most memorable TV programs. At the same time the president of Turner Broadcasting, David Levy has also indicated that he is leaving.
Plepper to leave after almost three decades
Plepper enjoyed complete autonomy at the company and did not wish to step down under the new structure. He has been at the company since 1992 and has helped transform the company turning it into a cable-TV. During his six-year tenure as CEO, HBO has gained over 40 million subscribers which include 8 million online subscribers.
AT&T is currently reorganizing the company, and in the coming weeks, the company will announce its next steps. AT&T is planning to consolidate its networks such as HBO, TBS, and TNT into one division and it is in discussion with Bob Greenblatt a renowned TV Executive to head the business.
The company is holding off on the changes until they settle the case by the Justice Department to wind down the deal. Mr. Pleper had given notice some months back of his plans but will remain until the case is solved.
Restructuring of leadership
According to the Wall Street Journal, the head of WarnerMedia, Jeff Zucker, will be the head of Turner Sports as part of the rebranding.
David Levy is a prominent figure in the sports industry and will be remembered for the long-term broadcast deals for the NBA, PGA of America, the NCAA basketball tournament as well as Major League Baseball.
Levy said that Turner had had a great impact on his life and he will continue watching as the company makes strides in creating amazing moments.
The company is planning to cull staff as well as unify its back-office functions and invest the savings into production.