About Jeff Bewkes
Jeff Bewkes, former CEO of Time Warner, has been publicly discussing the history of HBO, the AT&T-Time Warner merger, and the liability of social media platforms. In an April 2023 interview, Bewkes described HBO's origins as a pay-TV service that shifted to original scripted series to compete with the video rental industry. He also commented on the AT&T merger, stating that the deal "didn't turn out as well as we hoped" and that AT&T's management of Time Warner's networks was not the intended outcome; he described the company's approach as "malpractice." Bewkes noted that the merger was pursued to gain a direct consumer platform and data capabilities similar to those of Netflix and Amazon.
Bewkes has also advocated for revising Section 230 of the Communications Decency Act, arguing that large social media platforms should be held responsible for false or defamatory content they knowingly amplify, similar to traditional media outlets. He stated that the current liability shield is outdated and that reform, rather than repeal, would allow for a level playing field while protecting smaller startups. Bewkes emphasized that his position is not about censorship but about accountability for content that platforms choose to monetize and target to users.
Source: AI-verified profile updated from Jeff Bewkes's recent appearances.
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Transcript (8 segments)
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Interviewer0:12
That it's going to create a new media giant with Discovery. That deal expected to close in the first quarter of next year. We're now joined by two very special guests: former Time Warner chairman and CEO Jeff Bewkes and the author of the book, James Andrew Miller. Good morning to both of you. It's great to see you. I have so many questions. And Jeff, I want to start with you because what's fascinating about this book is just the number of recriminations on all sides about this transaction. You described what AT&T ultimately did with the deal to be malpractice. And so I'd ask whether ultimately you regret selling them the company.
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Jeff Bewkes0:50
We had to make a merger with somebody. We needed to get addressability so you could watch your favorite shows on the networks that you are used to seeing them on, and it was moving over to these digital companies. So we needed a platform, whether it was Amazon or an alliance with Disney or something with Apple, where all the networks on the cable dial could come alive in your living room. And when we saw that wasn't happening, we looked for some company that could give us direct consumer capabilities like Netflix had, like Amazon had. And we ended up with AT&T. We thought that what they would do is take their 125 million customer relationships and their big... but that didn't happen.
I
Interviewer2:14
There was a fairly revealing quote from the AT&T chief in the book that said, 'If you pay a premium for a merger, you need to disrupt the company that you bought.'
J
Jeff Bewkes2:27
We thought the reason for the merger was to activate this ad platform and consumer platform for HBO and Turner. We didn't think it was for AT&T to try to manage the Time Warner networks better. In fact, because they didn't have networks or studios, we thought they'd leave our people to help guide them in that process. And instead, they basically went ahead with trying to replace our management with theirs.
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Interviewer3:10
You take these words out of context and they become kind of provocative.
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Jeff Bewkes3:15
It's a little more complicated than that. They did have a challenging path. But I think that the market is the best judge of it. And if you look at where they are and their decision that the course they were on wasn't working, I think that's the best way to judge what has happened.
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Interviewer3:36
Hey James, it's a remarkable book and you spoke to so many different people and really go through the history of HBO, which unto itself is fascinating. And by the way, in full disclosure, I should say that they made 'Too Big to Fail' many years ago and I'm developing something with them now. But the question I'd ask you is: John Stankey and Randall Stephenson have said...
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James Andrew Miller4:10
Stock called HBO, right? So throughout its entire 49-year history, there's always been a parent company and there's been a series of mergers and acquisitions that have taken place. The AT&T deal, look, if it's very, very successful, I'm not sure they answered the phone then when David Zaslav and John Malone call. I think that vertical integration turned out to be much harder than they thought. And I think John Stankey admits that in the book. And I think the market didn't give them the premium that they thought they would have after this acquisition.
