AT&T restructures WarnerMedia to gird for Netflix fight: memo

NEW YORK - AT&T Inc is restructuring its WarnerMedia business, according to a memo sent to employees on Monday and seen by Reuters, as it girds for a streaming video battle with Netflix Inc and Walt Disney Co.

AT&T, which cleared its last regulatory hurdle last week after winning an appeals court decision challenging its $85 billion deal to buy Time Warner, aims to reinvest savings into its programming businesses. It will launch an early version of its HBO-led subscription video streaming service late this year.

Robert Greenblatt, a former executive at Comcast Corp’s NBCUniversal unit, will oversee premium cable network HBO, cable channels TNT, TBS, Tru TV and the upcoming video streaming service as chairman of WarnerMedia Entertainment.

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