Oops! The Senate Just Summoned the Wrong Time Warner
October 27 2016 - 7:18PM
Dow Jones News
By Shalini Ramachandran
Even the Senate can't keep the two Time Warner companies
straight.
Despite striking an $85.4 billion deal with AT&T Inc. over
the weekend, Jeff Bewkes, chief executive of Time Warner Inc.,
unceremoniously was left out of a release from the Senate Judiciary
Antitrust Subcommittee, which said the CEOs of both companies would
testify at a hearing on the accord.
The reason? The four top Republicans and Democrats leading the
Senate Judiciary Committee and its antitrust subcommittee
accidentally named Time Warner Cable's former CEO Rob Marcus
instead.
Time Warner Inc. owns HBO, CNN and Warner Bros. Time Warner
Cable, the cable and internet provider that recently sold itself to
Charter Communications Inc.
"Both Randall Stephenson, the CEO of AT&T, and Robert
Marcus, the CEO of Time Warner, will testify," the release said.
The hearing announcement was sent by Sens. Chuck Grassley, Patrick
Leahy, Mike Lee and Amy Klobuchar.
Shortly after, the Committee sent a corrected news release
naming Mr. Bewkes instead of Mr. Marcus. A representative for the
Committee said the correct executive was invited to the
hearing.
It's far from the first time someone has confused the two
companies.
It's been a bit of a headache for AT&T and Time Warner
during the last several dizzying days since they announced their
megamerger. Not only have they been clobbered by opposition from
politicians including Donald Trump and Bernie Sanders, many
consumers have tweeted and emailed reporters at The Wall Street
Journal confusing the two companies. It doesn't help that Time
Warner Cable had a long history as one of the most-hated companies
in the U.S. known for its poor customer service.
Senior executives at Time Warner were chuckling on Thursday as
they read the antitrust committee release. For days, they have
suspected that at least part of the backlash stemmed from
politicians confusing Time Warner with Time Warner Cable.
Earlier this week, AT&T tried to clear up the issue in a
filing with the Securities and Exchange Commission.
"Time Warner Inc. should not be confused with Time Warner Cable,
which is a distinct, independent company owned by Charter
Communications," the filing explained. "In 2008, Time Warner and
Time Warner Cable announced a complete legal and structural
separation of the companies. That separation was completed in 2009,
and the companies have been completely separate and independent
entities ever since."
Clearly, the lawmakers haven't kept up-to-date with their SEC
filings.
The Journal earlier this year wrote about how Mr. Bewkes would
like to be thought of as the "Game of Thrones" guy. But to many, he
is, unfortunately, the Cable Guy.
Mr. Marcus left Time Warner Cable after the Charter deal closed.
In an email to this reporter, Mr. Marcus said he "didn't know I was
invited to D.C. until I read your post."
The hearing is slated for Dec. 7 at 10 a.m. in the Judiciary
Committee hearing room. The Senate better get Mr. Bewkes his
invite.
--Thomas Gryta contributed to this article.
Write to Shalini Ramachandran at
shalini.ramachandran@wsj.com
(END) Dow Jones Newswires
October 27, 2016 19:03 ET (23:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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