The Wall Stree Journal reports WarnerMedia is under pressure to deliver by activist investor Elliott Management Corp.
When AT&T agreed to buy Time Warner three years ago, the company assured Wall Street and regulators that the purchase would help it enter the streaming wars and become an advertising juggernaut that could compete with Alphabet Inc.’s Goole and Netflix Inc. However, activist investor Elliott Management Corp. released a letter to AT&T on Monday saying that company has “failed to articulate a clear strategic rationale” for the $80 billion+ purchase of Time Warner.
A portion of Elliott Management Corp.’s letter to At&T on WarnerMedia reads as follows:
“While it is too soon to tell whether AT&T can creat value with Time WArner, we remain cautious on the benefits of this combination.”
Elliott Management Corp.’s letter also states that “there is a growing sense that AT&T doesn’t have a plan” regarding direct-to-consumer streaming and that the company is without the media expertise it requires following the departure of top Time Warner executives. As the Wall Street Journal notes, Elliott Management Corp. urged AT&T to focus is efforts on execution as opposed to acquisitions and relieve itself of “noncore assets across its business.”
AT&T initially planned to enter the streaming service wars with a three-tiered platform, where the entry-level option would focus on films while additional tiers would provide premium HBO Now and Warner Bros. programming. However, the strategy shifted to a single streaming service called “HBO Max” and Elliott Management Corp. said the sudden change in plans lends to their apprehension:
“This quick reversal has intensified the skepticism around WarnerMedia, its OTT strategy, and the management of the business itself.”
WarnerMedia executives argued it was unfair of Elliott to claim that there is “confusion” and a “lack of a plan,” noting that the long antitrust battle with the United States Justice Department that concluded in February hindered AT&T ability to integrate Time Warner. The WarnerMedia executives added that AT&T plans to outline its strategy at an investor meeting at the end of October. However, it appears the exits of top executives in WarnerMedia’s HBO and Turner divisions concerns Elliott, as the company also wrote:
“For a content business now owned by a telecommunations company and under the direct supervision of a lifelong telecom executive, this lack of continuity in leadership presents a real concern for investors.”
Stay tuned to Heroic Hollywood for the latest news on the future of WarnerMedia.
Source: Wall Street Journal
‘Titans’ Batmobile Concept Art Reveals Different Takes On Batman’s Iconic Vehicle
Following its brief appearance in last week's episode, concept art for Titans' Batmobile has been released and reveals different takes on Batman's iconic vehicle.
The latest episode of Titans revealed a brief first look at a new version of the Batmobile while Dick Grayson is in the Batcave via flashback. The final version of the Batmobile in the Titans universe appears to be inspired by Batman 89 and The Animated Series. Concept art has been released and the initial designs were seemingly inspired by many past versions of the Batmobile across different mediums. You can check out the concept art below:
Do you like the look of the Batmobile in Titans? Which concept art version is your favorite? Comment below!
The series continues this week with the episode titled “Asylum” and you can read the official synopsis below!
When The Messenger (recurring guest star REED BIRNEY) reveals that Rachel’s birth mother is alive and being held captive by The Organization in a mysterious psychiatric facility, Rachel is determined to rescue her. But once inside, the Titans are faced with their deepest vulnerabilities and fears.
Guest Cast: Rachel Nichols as Angela, Reed Birney as The Messenger and Rachel Crawford as Doctor.
The series stars Brenton Thwaites as Richard “Dick” Grayson / Robin, Anna Diop as Koriand’r / Starfire, Teagan Croft as Rachel Roth / Raven, and Ryan Potter as Garfield “Gar” Logan / Beast Boy.
Titans is now available exclusively on DC Universe.