AT&T CEO John Stankey, who decided last spring to spin off WarnerMedia into a $43 billion merged entity with Discovery, has sent a bouquet to WarnerMedia staff as the deal gets set to close.In a memo to staff, Stankey praised the “remarkable body of work” accrued by WarnerMedia in the nearly three years of AT&T’s ownership.“You are to be congratulated and commended. The road wasn’t easy or clear,” Stankey wrote. “You established the foundation that can take a proud legacy and storied brands forward for another decade with even broader and more engaging cultural impact than ever before.”Stankey singled out CEO Jason Kilar for praise. The exec is departing along with most of his direct reports today, ahead of the deal close.He also became unusually reflective. “Getting to this moment was one of the more difficult decisions of my life. I am sure you aren’t surprised that it came with a fair amount of anxiety, disappointment, and concern relative to the changes it would trigger,” he wrote. “All considered, I remain confident we have set the right path.”AT&T last year also spun off pay-TV operator DirecTV into a new entity 30%-owned by private equity firm TPG.
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