Dee Dee Myers Steps Down at Warner Bros as Company Transitions Toward Streaming
Dee Dee Myers, the former White House press secretary who was the inspiration for "The West Wing" character C.J. Cregg, is leaving her position as Warner Bros. head of corporate communications after a five-year stint.
Myers leaves nearly two years after telecom giant AT&T acquired Time Warner for $85 billion, shifting the media giant more toward technology and streaming services. She also helped the studio weather a tumultuous point at the company after studio chief Kevin Tsujihara stepped down amid a scandal.
"We faced our share of long days, late nights and heart-stopping headlines," Myers said in a memo to staff. "I will leave on April 1 with only the fondest memories — and a trunk full of swag."
AT&T reported last month that it lost 219,000 subscribers at its AT&T TV Now streaming service during the fourth quarter. The company also lost 945,000 premium subscribers at DirecTV and U-Verse. WarnerMedia earnings in the quarter were also down.
AT&T CFO John Stephens said at the time the company would continue to have some financial struggles as AT&T prepares to launch HBO Max in May, part of the combined company's transition toward technology services. "We expect pressure from heavy HBO Max investment, which you saw begin in the fourth quarter," he said on an earnings call.
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dot.LA is kicking off its inaugural summit Tuesday with a line-up of the players, investors and executives shaping tech and media in Los Angeles, including the head of Reese Witherspoon's Hello Sunshine media company, Silicon Valley's top dealmaker Bill Gurley and GoodRx CEO Doug Hirsch.
I have long been a proponent of going public because I believe it creates stronger, more disciplined companies that deliver greater shareholder value. It's great to see the pendulum in the founder and venture capital community swinging away from the "stay private longer" attitude that dominated tech over the last decade.
That said, the traditional IPO listing path has many shortcomings. I experienced this firsthand in 2011 when we took Zillow public. The cover price on the original S-1 was $12-$14 a share, but we upped it to $14-$16 due to strong demand on the IPO roadshow. We priced it at $20 a share, only to watch the first trade open at $60 that day. (Note: Zillow has since done a 3-for-1 stock split, so divide these numbers by three if you're trying to compare it with today's ~ $100 stock price.)
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