Finance

AT&T WarnerMedia CEO Kilar says he does not plan to step down this year -source By Reuters

© Reuters. FILE PHOTO: The company logo for AT&T is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS/Brendan McDermid/File Photo

By Sheila Dang and Helen Coster

(Reuters) -Jason Kilar, chief executive of AT&T Inc (NYSE:)’s WarnerMedia unit, said during an internal meeting on Thursday he does not plan to step down from his role this year, according to a source familiar with the matter.

AT&T announced last week that it would spin off its media assets and merge them with Discovery (NASDAQ:) Inc, ending the wireless carrier’s ambitious foray into media, and raising questions about Kilar’s future at the company.

Discovery Chief Executive David Zaslav will lead the proposed new company, which will comprise one of Hollywood’s most powerful studios, including the Harry Potter and Batman franchises, news network CNN, sports programming and Discovery’s unscripted home, cooking, and nature and science shows.

On a call with reporters after the deal had been announced, executives said details about Kilar’s future had yet to be worked out. Executives also said they have yet to work out how the companies’ combined properties and services will be arranged.

The deal is expected to close in mid-2022, pending approval by Discovery shareholders and regulatory approvals.

The companies have not announced the name of the proposed new company.

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